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On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on December 31. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry for the issuance of the installment note for cash on January 1 would include a Credit to Interest Payable for $11,550 Debit to Interest Expense for $11,550 Credit to Notes Payable for $165,000 Debit to Notes Payable for $165,000