On January 1, 2024, Lechner Company borrowed $160,000 on a 3%, 4-year note with annual installment payments of $40,000 plus interest due on December 31 of each year. What is the journal entry for the first installment payment made on December 31, 2024? OA. Notes Payable Interest Expense Cash OB. Cash Notes Payable Interest Expense OC. Notes Payable Interest Expense Cash OD. Cash Notes Payable Interest Expense 40,000 1,200 41,200 40,000 4,800 44,800 41,200 40,000 1,200 44,800 40,000 4,800

entry for the first installment payment made an Docember 31, 2024