Consider the following note payable transactions of Calob Video Produ.pdf

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Calob Video Productions purchased $80,000 of equipment through a 5-year, 8% note payable on October 1, 2024. The note requires annual principal payments of $16,000 plus interest each October 1. As of December 31, 2025, Calob Video Productions' total liabilities are $32,000, consisting of the remaining principal balance on the note payable.

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Consider the following note payable transactions of Calob Video Productions 1. (Click the icon
to view the transactions) Requirements 1. Journalize the transactions tor the company 2.
Considering the given transactions only, what are Caleb Vidoo Productions' totat liabilities on
December 31,2025 ? Requirement 1. Journalize the transactions for the company (Record debits
frist, then credits Select explanations on the last line of the joumal entry) Od. 1, 2024 Purchased
equipment costing $80,000 by issuing a five-yoar, 8% note payable The note requires annual
principal payments of $16,000 plus inthrest each October 1.
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