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10. value: Question 10 (of 10) 2.00 points A corporation borrowed $119,000 cash by signing a 5-year, 10% installment note requiring equal annual payments each December 31 of $31,392. What journal entry would the issuer record for the first payment? Debit Interest Expense $11,900; debit Notes Payable $19,492; credit Cash $31,392. Debit Notes Payable $31,392; credit Cash $31,392. Debit Notes Payable $11,900; credit Cash $11.900. Debit Interest Expense $7,592; debit Notes Payable $23,800; credit Cash $31,392. O Debit Notes Payable $31,392; debit Interest Payable $11.900: credit Cash $43,292 29 2017 McGraw-Hill