On January 1, Year 1, Metalex Company borrowed $160,000 on a 10-year, 10% installment note payable. The terms of the note require Metalex to pay 10 equal payments of $26,039 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is (round to the nearest dollar):

On January 1, Year 1, Metalex Company borrowed $160,000 on a 10 year, 10% installment note payable. The terms of the note require Metalex to pay 10 equal payments of $26,039 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is (round to the nearest dollar)