On January 1, Gemstone Company obtained a $165,000,7%,10-year installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on December 31 . The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry for the issuance of the installment note for cash on January 1 would include a a. credit to Interest Payable for $11,550 b. debit to Notes Payable for $165,000 c. debit to interest Expense for $11,550 d. credit to Notes Payable for $165.000