On December 31, 2020, Jorge Corporation borrowed $65,000 by signing a 5-year, 14% installment note requiring annual payments (on December 31) of accrued interest plus fixed (equal) amounts of principal. What journal entry would record the first payment on December 31, 2021?

A. Notes Payable ........................................................................... 22,100

Cash ................................................................................... 22,100

B. Notes Payable ........................................................................... 14,820

Interest Payable .............................................................. 1,820

Cash .................................................................................. 13,000

C. Notes Payable .......................................................................... 13,000

Cash .................................................................................. 13,000

D. Interest Expense....................................................................... 9,100

Notes Payable .......................................................................... 13,000

Cash .................................................................................. 22,100

E. Interest Expense....................................................................... 1,820

Notes Payable .......................................................................... 13,000

Cash ..................................................................................