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On the first day of the fiscal year, Hawthorne Company obtained an $88,000, seven-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a:
A. Credit to Notes Payable for $10,808
B. Debit to Notes Payable for $15,208
C. Debit to Cash for $15,208
D. Debit to Interest Expense for $4,400

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