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Required information 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 $111,600 from Captive Credit corporation. The installment 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, $22,008. January 15 pay cash for salaries, $30,000. January 30 Firework sales for the month totat 52e0,800. The cost of the units sold is $118,000. January 31 Pay the first monthly instaltment of $2,146 related to the $111,000 borrowed on January 1 . Classified Balance Sheet January 31,2024