On July 1, Shady Creek Resort borrowed $440,000 cash by signing a 10 -year, 10% installment note requiring equal payments each June 30 of $71,608. What is the journal entry to record the first annual payment? Multiple Choice Debit Cash $440,000; debit interest Expense $71,608; credit Notes Payable $511,608. Debit Interest Expense $71,608; credit Cash $71,608. Debit interest Expense $44,000; credit Cash $44,000. Debit interest Expense $44.000; debit interest Payable $27,608; credit Cash $71,608