A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required monthly payment is $1,360. Which of the following is the current journal entry to record for the first months payment?

A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required monthly payment is $1,360. Which of the following is the current journal entry to record for the first month's payment? Muliple Choice Debit interest Expense \$68; dobit Notes Payable \$1,292; credit Cash \$1,360. Debit interest Expense \$129: debit Notes Payable \$1.23t; credt Cosh \$1.360. Debit Notes Payoble \$1,300; credit Cosh \$1,360. Debit interest Expense $1,360: ciedit Cashi $1,360