On July 1, Shady Creek Resort borrowed $450,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $70,119. What is the journal entry to record the first annual payment? Multiple Choice Debit Cash $450,000, debit interest Expense $70,119, credit Notes Payable $520,119 Debit Interest Expense $70,119; credit Cash $70,119. Debit interest Expense $40,500, credit Cash $40,500. Debit interest Expense $40.500: debit Interest Payable $29,619; credit Cash $70,119. Debit interest Expense $40,500; debit Notes Payable $29,619; Credit Cash $70,119