On July 1, Shady Creek Resort borrowed $270,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $42,07t. What is the journal entry to record the first annual payment? Muliple Choice Debit imerest Expense 524,300 , oetit interest Payable 51777 ; credi Cain 542.071 Debit interent Cxpense 524;300, credit Can $24,300 Debit merent fipense \$42.07t credit Cauts47.a71