On July 1, 2019, Goode Company borrowed $160,000. The company signed a note payable with interest at 4 percent per year. The note and interest are due on December 31, 2019. On December 31, 2019, Goode paid $163,200 to settle the debt in full. Assuming no accruals for interest have been made during the year, transaction analysis of the $163,200 cash payment on December 31, 2019 should reflect which of the following?

Multiple Choice

A)A decrease in assets of $163,200 and a decrease in liabilities of $163,200.

B)A decrease in liabilities of $160,000, a decrease in stockholders' equity of $3,200, and a decrease in assets of $163,200.

C)A decrease in assets of $160,000, a decrease in stockholders' equity of $3,200, and a decrease in liabilities of $163,200.

D)A decrease in stockholders' equity of $160,000, a decrease in liabilities of $3,200, and a decrease in assets of $163,200.