Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Apr. 1, 2018: Purchased equipment costing $56,000 by issuing a seven-year, 13% note payable. The note requires annual principal payments of $8,000 plus interest each April 1. Accounts and Explanation Date Debit Credit 2018 Apr. 1 More info Apr. 1, 2018 Dec. 31, 2018 Apr. 1, 2019 Dec. 31, 2019 Purchased equipment costing $56,000 by issuing a seven-year, 13% note payable. The note requires annual principal payments of $8,000 plus interest each April 1. Accrued interest on the note payable. Paid the first installment on the note. Accrued interest on the note payable. -