Marigold Company purchased a building on January $2$ by signing a long$-$term $$693000$ mortgage with monthly payments of $$5940.$ 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 $$5940.$

debit to the Interest Expense account for $$5775.$

debit to the Cash account for $$5940.$

credit to the Cash account for $$5775.$