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On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of S23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11.942. The journal entry to record the payment of the first mal amount due on the note would include a credit to interest payable for $11.550 debit to interest expense for $23.492 debit to notes payable for $11.942 debit to cash for $11.942