On January 1, Year 1, Stratton Company borrowed $280,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $41,728 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 Interest Expense $22,400; debit Notes Payable $19,328; credit Cash $41,728 Delbt Notes Payable $22400, ebi nerest Expense $19328, credit Cash $41,728 Debit Interest Expense $20,854; debit Notes Payable $20,874, credit Cash $41,728 Debit Notes Payable $41728, credit Cash $4172 Debit Notes Payable $280,000, debit Interest Expense $13,728, credit Cash $41,728