Problem 7 On July 1, 2022, X Co. borrowed $250,000 at 6%. The loan is repayable over 5 years in annual installments of $59,349. The first payment is due June 30, 2023. Record the borrowing on 7/1/22 and the payments on 6/30/23 and 6/30/24. You can assume interest is not accrued. Show your work. Do Not Abbreviate. Date July 1, 2022 Account Titles Debit Credit June 30, 2023 June 30, 2024