Bonita Company purchased a building on January $2$ by signing a long$-$term $$588000$ mortgage with monthly payments of $$5000.$ The mortgage carries an interest rate of $10$ percent.

The entry to record the first monthly payment will include a

credit to the Mortgage Payable account for $$5000.$

debit to the Interest Expense account for $$4900.$

debit to the Cash account for $$5000.$

credit to the Cash account for $$4900.$