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 $?$ Multiple Choice Debit Cash $ $250,000$ debit Interest Expense $ $37,258$ ; credit Notes Payable $ $287,258$ Debit Interest Expense $ $37,258$ ; credit Cash $ $37,258.$ Debit Interest Expense $ $20,000$ ; credit Cash $ $20,000.$ Debit Interest Expense $ $20,000$ debit Interest Payable $ $17,258$ ; credit Cash $ $37,258.$ Debit Interest Expense $ $20,000$ ; debit Notes Payable $ $17,258$ ; credit Cash $ $37,258.$