On July 1, Shady Creek Resort borrowed $340,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $52,979. What is the journal entry to record the first annual payment? Multiple Choice Debit Cash $340,000, debit Interest Expense $52,979, credit Notes Payable $392,979. O Debit Interest Expense $52,979; credit Cash $52,979. O Debit Interest Expense $30,600; credit Cash $30,600. O Debit Interest Expense $30,600; debit Interest Payable $22,379, credit Cash $52,979. O