On January 1, 2021, a company borrows $1,500 cash by signing a four year, 5% installnent note. The note requires four equal payments of $423, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. On December 31,2021 , when the instalment payment is recorded, which of the following is conect? Mutiple Choice Interest expene would be debited for $75 and the bolance tor Notes peyable would be $1.152 Casth woild be credited for $423 and the bolance for Notes payoble would be $1,500 None of these choices are conrect Notes prybble would be credecd for $348 and the balance for Notes payable would bo $1.52