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Consider the following note payable transactions of Caldwell Video Productions. (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Caldwell Video Productions' total liabilities on December 31, 2019? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) May 1, 2018: Purchased equipment costing 895,000 by issuing an eight-year, 8% note payable. The note requires annual principal payments of $12,000 plus interest each May 1. Date Accounts and Explanation Debit Credit 2018 May 1 Equipment 98.000 Notes Payable 96.000 Purchased equipment by issuing an 8-year, 6% note, Dec 31, 2018: Accrued interest on the note payable. Date Accounts and Explanation 2018 Dec. 31 Interest Expense Interest Payable Debit Credit 3,840 3.840 Debit Credit Recognized accrued interest. May 1, 2019: Paid the first installment on the note Date Accounts and Explanation 2019 May 1 Interest Expense Interest Payable Notes Payable Cash Paid first installment of note 1,920 3,840 12,000 17.760 Debit Credit May 1, 2019: Paid the first installment on the note Date Accounts and Explanation 2019 May 1 Interest Expense Interest Payable Notes Payable Cash Paid first installment of note. 1,920 3,840 12,000 17,780 Debit Credit Dec 31, 2019 Accrued interest on the note payable Date Accounts and Explanation 2018 Dec. 31 Interest Expense Interest Payable 3,380 3,380 Recognized accrued interest Requirement 2. Considering the given transactions only, what are Caldwell Video Productions total liabilities on December 31, 2019? The total liabilities of Caldwell Video Productions on December 31, 2019 are $87,380