Question 40 (2 points) Use the following information for item 40 and 41. On January 1, 2020, Golden Rams Company borrowed $100,000 from Albany State Bank and signed a five-year, 10% installment note. The note requires annual payments of $26,378, beginning on December 31, 2020. This payment consists of principal of $16,378 and interest of $10,000. The journal entry on January 1 would consist of a debit to Cash for $100,000 and a credit to Notes Payable for $100,000. True False