On January 1, 2016, Denver Company borrowed $25,000 by issuing a 5-year note to Capital Bank. The note had a 10% annual rate of interest. The loan agreement called for five equal payments of $6,595 on December 31 of each year 2016 through 2020. What is the correct journal entry to record the loan payment on December 31, 2016? Debit Credit Interest Expense 6,595 Cash 6,595 Debit Credit Installment Note Payable 6,595 Cash 6,595 Interest Expense Installment Note Payable Debit Credit 2,500 4,095 Cash 6,595 Interest Expense Cash Debit Credit 2,500 4,095 Installment Note Payable 6,595