Problem 7 On July 1, 2022, X Co. borrowed $520,000 at 7%. The loan is repayable over 5 years in annual installments of $126,823. 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 June 30, 2023 June 30, 2024 Account Titles Debit Credit