EB$7.12\mathrm{.}2$ McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long$-$term loan in the amount of $$800,000.$ Assume that any loans are created on January $1.$ The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is $9\%.$ Each year on December $31,$ the company pays down the principal balance by $$50,000.$ This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December $31$ of that year. A$.$ Determine the outstanding principal balance on December $31$ of the first year that is computed for interest. B$.$ Compute the interest accrued on December $31$ of the first year. C$.$ Make a journal entry to record interest accumulated during the first year, but not paid as of December $31$ of that first year.