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 s11, 550 and principal repayment of $11,942. The joumal entry to record the issuance of the instaliment note for cash on January 1 would include a a. credit to notes payable for $165,000 b. debit to interest expense for $11,550 c. debit to notes payable for $165,000 d. credit to interest payable for $11.550