Total Liabilities $52,680

Consider the following note payable transactions of Caldwell Video Productions.

2016

Apr.1 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.

Dec. 31 Accrued interest on the note payable.

2017

Apr.1 Paid the first installment on the note.

Dece.31 Accrued interest on the note payable.

Requirements

1. Journalize the transactions for the company.
2. Considering the given transactions only, what are Caldwell Video Productions total liabilities on December 31, 2017?