On January 1, Year 1, Stratton Company borrowed $160,000 on a 10-year, 10% installment note payable. The terms of the note require Stratton 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): Multiple Choice Debit Interest Expense $16,000; debit Notes Payable $10,039; credit Cash $26,039. Debit Notes Payable $16,000; debit Interest Expense $10,039; credit Cash $26,039. Debit Notes Payable $26,039; credit Cash $26,039. Debit Interest Expense $14,996; debit Notes Payable $11,043: credit Cash $26,039. Debit Notes Payable $160,000; debit Interest Expense $10,039; credit Cash $26,039