On July 1 ABC Company borrowed $440,000 cash by signing a 10 year, 10% Installment note requiring equal payments each June 30 of $71608. What Is the journal entry to record the first annual payment? 802.11 Multiple Choice O Debit interest Expense $14.000, debit Notes Payable $27008 Credit Cash $71,608 O Debit interest Expense $14.000 Credit Cash $44.000 O Debit interest Expense $71,608 Credit Cash $71608 O Debit Cash $440,000 bitterest Expense $7450R credit Notes Payable $51.608. O Debit interest Expense 344.000, debitirerest Payable $27008 Credit Cash $71608