On January 1, 2024 Brazos Company purchased equipment and signed a six year mortgage:

On January 1, 2024. Brazos Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of 42,278 , beginning January 1,2025. On January 1,2025, the joumal entry to record the first instaliment payment will include a (Round your answer to the nearest whole number.) A. credit to Cash for $18,278 B. credit to Mortgage Payable for $160,000 C. debit to interest Expense for $24,000 D. debit to Mortgage Payable for 542,278