On September 1, Year 1, Able Company purchased a building from Regal Corporation by paying $200,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 9% and is paid at maturity. In its December 31, Year 1, balance sheet, Able correctly presented the note and interest payable as follows: Interest payable $18,000 Notes payable, 9%, due September 1, Year 2 $600,000 The adjusting entry at December 31, Year 1, with respect to this note included: Multiple Choice A debit to Interest Expense for $18,000. A credit to Cash for $18,000. A credit to Notes Payable for $18,000. A credit to Interest Expense for $18,000.