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 issuance of the installment note for cash on January 1 would include a

	a.	debit to Notes Payable for $165,000
	b.	credit to Interest Payable for $11,550
	c.	debit to Interest Expense for $11,550
	d.	credit to Notes Payable for $165,000