Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8, [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024, the following transactions occur: January 1 Borrow $111,000 from Captive Credit Corporation. The instalment note bears interest at 64 annually and matures in 5 years. Payments of $2,146 are required at the end of each month for 60 months. January 4 Receive $32,100 from customers on accounts receivable. January 10 Pay cash on accounts payable, $22,000. January 15 pay cash for salaries, $30,008. January 30 Firework sales for the month total $200,800. The cost of the units sold is $118,000. January 31 Pay the first monthly installment of $2,146 related to the $111,600 borrowed on January 1. FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024