Question: Journalize the transactions for the company. Transactions May 1, 2025 Purchased equipment costing $96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $12,000 plus interest each May 1. What is the interest expense? Dec. 31, 2025 Accrued interest on the note payable. May 1, 2026 Paid the first installment on the note. Dec. 31, 2026 Accrued interest on the note payable.