> Problems Group A hem on the balance P11-31A Journalizing liability transactions and reporting them on th sheet The following transactions of Smith Pharmacies occurred during 2016 and a ipal plus one year's interest 2016 Mar. 1 Borrowed $240,000 from Naples Bank. The eight-year, 7% note requires payme annually, on March 1. Each payment consists of $30,000 principal plus one vear's Dec. 1 Mortgaged the warehouse for $150,000 cash with Sawyer Bank. The mortgage monthly payments of $6,000. The interest rate on the note is 11% and accrues me The first payment is due on January 1, 2017. 31 Recorded interest accrued on the Sawyer Bank note. 31 Recorded interest accrued on the Naples Bank note. 2017 Jan. 1 Paid Sawyer Bank monthly mortgage payment. Feb. 1 Paid Sawyer Bank monthly mortgage payment. Mar. 1 Paid Sawyer Bank monthly mortgage payment. 1 Paid first installment on note due to Naples Bank. Requirements 1. Journalize the transactions in the Smith Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2017 after all the journal entries are recorded