On January 1, Gemstone Company obtained a $165,000, 10-year, 7 % installment note from Guarantee Bank. The note requires annual payments of $23,492, 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 annual amount due on the note would include a debit to interest expense for $23,492 debit to notes payable for $11,942 credit to interest payable for $11,550 debit to cash for $11,942