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(x) You recelved no credit for this question in the previous attempt. On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10 -year, 8% installment note requiring equal payments each June. 30 of $37,258. What is the journal entry to record the first annual payment? Multple Choice Debit interest Expense $20,000, debit interest Payable 517,258 ; credit Cash $37,258 Debn interest Expense $37,258, credit Cash $37,258. Debit Cosh \$250,000; debi interest Expense $37,258; ciedt Notes Poyable $287,258. Debit interest Expense $20,000, credit Cosh $20,000. Debat interest Expense \$20.000, debit Notes Payoble \$17.258; crodit Cash \$37.258