On January 1, 2022, Phillies Company purchased an aircraft in exchange for an installment note requiring 8 equal payments of $150,000 due at December 31 of each year. Assuming an interest rate of 6%, determine the liability for the note payable after the first interest payment on December 31, 2022 (rounded to the nearest dollar).

A) $792,238 B) $818,290 C) $880,264 D) $837,357 (CORRECT ANSWER)