On 1/1/20X1, KASE votes for declares a cash Dividend of $2 per share for 20,000 outstanding shares. The journal entry for this would be: Debit Cash 40,000; Credit Common Dividend Payable 40,000 O Debit Common Dividend Payable 40,000; Credit Cash 40,000 Debit Common Dividend Payable 40,000; Credit Retained Earnings 40,000 O Debit Retained Earnings 40,000; Credit Common Dividend Payable 40,000 On January 1, Year 1, KASE borrowed $325,000 on a 4-year, 6% installment note payable. The terms of the note require KASE to pay 4 equal payments each December 31 for 4 years. The journal entry to record the December 31 Year 3 annual payment is: Debit Interest Expense 5,309; Credit Notes Payable 88,483; Credit Cash 93,792 Debit Interest Expense 10,317; Credit Notes Payable 83,475; Credit Cash 93,792 Debit Interest Expense 5,309; Debit Cash 93,792; Credit Notes Payable 88,483 Debit Interest Expense 10,317; Debit Notes Payable 83,475; Credit Cash 93,792 Debit Interest Expense 5,309; Debit Notes Payable 88,483; Credit Cash 93,792 Debit Interest Expense 10,317; Debit Cash 93,792; Credit Notes Payable 83,475