Flipco signed a 15 -year note payable on January 1, 2018 , of $900,000. The note requires annual principal payments each December 31 of 60,000 plus interest at 10 %. The entry to record the annual payment on December 31, 2022 , includesA. a debit to Interest Expense for $ 36, 000.
B. a debit to Interest Expense for $ 40, 000.
C. a credit to Notes Payable for $ 80, 000.
D. a credit to Cash of $ 120, 000.
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