On July 1. Shody Creek Resort borrowed $260,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $38,748 What is the journal entry to record the first annual payment? Multiple Choice Debit Cash $260,000; debit Interest Expense $38,748 credit Notes Payable $298.748. Debit Interest Expense $38.748, credit Cash $38.748 Debit interest Expense $20,800, credit Cash $20,000 Debit interest Expense $20,800, debit interest Poyable $17948; credit Cash $38,748 Debit interest Expense 520,800, debit Notes Payable 517.948. credit Cosh S38 748