On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15, 208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4, 400 and principal repayment of $10, 808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a debit to cash for $15, 208 credit to notes payable for $10, 808 debit to interest expense for $4, 400 debit to notes payable for $15, 208