Question Your answer is partially correct. Try again Detwiler Orchard issues a $700,000, 6% 15-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments o 572 074 each. Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Tities and Explanation Debit Credit $700 Mortgage Payable $700,000 (To record mortgage loan) Payable Interest Expense Cash $72,074 (To record annual payment bn mortgage)