Step 1: Total wire length
Number of wires = 5, each of 2 m $\Rightarrow$ total length = $5 \times 2 = 10$ m = 1000 cm
Step 2: Balance point at 123.4 cm
At balance point:
\[
\frac{\text{Length}}{\text{Total Length}} = \frac{\text{Standard Voltage}}{\text{Total Voltage Drop}}
\Rightarrow \frac{123.4}{1000} = \frac{1.234}{IR}
\]
Step 3: Solve for $I$
Total resistance $R = 10000\,\Omega$, standard voltage = 1.234 V:
\[
\frac{123.4}{1000} = \frac{1.234}{I \cdot 10000}
\Rightarrow I = \frac{1.234 \cdot 10000}{123.4 \cdot 1000}
= \frac{12340}{123400} = 0.1\,\text{A} = \boxed{10\,\text{mA}}
\]