Question: Discountco signed a 8-year note payable on January 1, 2018, of $600,000. The note requires annual principal payments each December 31 of $75,000 plus interest

Discountco signed a 8-year note payable on January 1, 2018, of

Discountco signed a 8-year note payable on January 1, 2018, of $600,000. The note requires annual principal payments each December 31 of $75,000 plus interest at 7%. The entry to record the annual payment on December 31, 2022, includes O A. a debit to Interest Expense for $21,000. OB. a credit to Notes Payable for $75,000. OC. a debit to Interest Expense for $42,000. OD. a credit to Cash of $117,000

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