Consider the following note payable transactions of Caleb Video Productions. 2018   Oct. 1 Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The note requires annual principal payments of $16,000 plus interest each October 1. Dec. 31 Accrued interest on the note payable. 2019   Oct. 1 Paid the first installment on the note. Dec. 31 Accrued interest on the note payable.   Requirements Journalize the transactions for the company.

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A:

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