A corporation borrowed $125,000 cash by signing a 5-year, 9% installment note requiring equal annual payments each December 31 of $32,136. What journal entry would the issuer record for the first payment? Multiple Choice Debit Interest Expense $7,136; debit Notes Payable $25,000, credit Cash $32,136 Debit Notes Payable $32,136, debit Interest Payable $11,250; credit Cash $43,386. Debit Interest Expense $11,250, debit Notes Payable $20,886: credit Cash $32,136 Debit Notes Payable $32,136, credit Cash $32,136. Debit Notes Payable $11,250, credit Cash $11,250