A corporation borrowed $$125,000$ cash by signing a $5-$year, $9\%$ installment note requiring equal monthly payments of $$2,678.$ What journal entry would the issuer record for the first payment? $($round to nearest $$1)$

A$.$ Debit Interest Expense $$2,678$; credit Cash $$2,678.$

B$.$ Debit Notes Payable $$938$; debit Interest Expense $$938$; credit Cash $$2,678.$

C$.$ Debit Interest Expense $$938$; debit Notes Payable $$1,740$; credit Cash $$2,678.$

D$.$ Debit Notes Payable $$1,740$; credit Cash $$1,740.$

E$.$ Debit Notes Payable $$938$; credit Cash $$938.$