The company purchased an equipment for 16,000 on credit and issued a 120-day note bearing interest at 9 percent as evidence of the debt. At maturity date, the journal entry to record payment of the note in the companys books is a debit to Notes Payable for

Group of answer choices

16,480 and a credit to Equipment for 16,480

16,000, a debit to Interest Expense for 480, and a credit to Cash for 16,480

16,000 and a credit to Equipment for 16,000

16,480, a credit to Interest Expense for 480, and a credit to Cash for 16,000