The following is the right journal entry for issuance of Interest-bearing Long-Term Promissory Notes wherein XYZ Corporation owed P3,000,000 to ABC Corporation to purchase machinery with 12% interest rate paid in a lump sum on maturity date? a. Debit: Interest Expense, Credit: Interest Payable b. Debit: Machinery, Credit: Cash c. Debit: Machinery. Credit: Notes Payable d. Debit: Equipment, Credit Account Payable