On January 1, Year 1, Stratton Company borrowed $130,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $19,374 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is: Multiple Choice Debit Notes Payable $130,000; debit Interest Expense $6,374; credit Cash $19,374. Debit Notes Payable $10,400; debit Interest Expense $8,974; credit Cash $19,374. Debit Notes Payable $19,374; credit Cash $19,374. Debit Interest Expense $9,682; debit Notes Payable $9,692; credit Cash $19,374. Debit Interest Expense $10,400; debit Notes Payable $8,974; credit Cash $19,374. Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $16,700, Hardy, $16,700, Rowen, $(3,700). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $29,700 in cash to be distributed. Rowen pays $3,700 to cover the deficiency in his account. The general journal entry to record the final distribution would be: Debit Cash $29,700; debit Rowen, Capital $3,700; credit Masters, Capital $16,700; credit Hardy, Capital $16,700. Debit Masters, Capital $14,850; debit Hardy, Capital $14,850; credit Cash $29,700. Debit Masters, Capital $9.900; debit Hardy, Capital $9,900; debit Rowen, Capital $9,900; credit Cash $29,700. Debit Masters, Capital $16,700; debit Hardy, Capital $16,700; credit Cash $33,400. Debit Masters, Capital $16,700; debit Hardy, Capital $16,700; credit Rowen, Capital $3,700; credit Cash $29,700