andrew company purchased an equipment on january 1, 2020, and signed a 7% instalment note requiring annual equal payments of $6,957, including principal and interest at the end of every year for 5 years. the journal entry to record the first installment payment on december 31, 2020 will involve a: a. debit to notes payable for $ 5,060 b. debit to notes payable for $ 4,862 c. debit to notes payable for $ 4,766 d. debit to notes payable for $ 4,960
