Multiple Choice Question 94 Coronado Industries purchased a building on January 2 by signing a long-term $516000 mortgage with monthly payments of $4400. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a debit to the Interest Expense account for $4300. debit to the Cash account for $4400. credit to the Mortgage Payable account for $4400. credit to the Cash account for $4300