On July 1, Shady Creek Resort borrowed $420,000 cash by signing a 10-year, 9 % installment note requiring equal payments each June 30 of $65,444. What is the journal entry to record the first annual payment? Multiple Choice 20 Debit Interest Expense $65,444; credit Cash $65.444 Debit Interest Expense $37,800; credit Cash $37,800. Debit Interest Expense $37,800; debit Interest Payable $27,644; credit Cash $65,444 Debit Cash $420,000; debit Interest Expense $65,444; credit Notes Payable $485.444 Debit Interest Expense $37800; debit Notes Payable $27644 crecit Cash $65.444