On January 1, Year 1, Stratton Company borrowed $150,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $22,354 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 C ) Debit Notes Payable $150,000; debit Interest Expense $7,354; credit Cash $22,354. O Debit Interest Expense $12,000; debit Notes Payable $10,354; credit Cash $22,354. o Debit Notes Payable $12,000; debit Interest Expense $10,354; credit Cash $22,354. Debit Interest Expense $11,172: debit Notes Payable $11,182; credit Cash $22,354. o o O Debit Notes Payable $22,354 credit Cash $22,354