On January 1 , a business issued a $100,000,6%, ten year mortgage. The terms require monthly payments of $1,110 (principal and interest blended payments). The entry to record the first monthly mortgage payment on February 1 will include a credit to the Cashaccount of $500. debit to the Mortgage Payable account of $1,110. debit to the Interest Expense account of \$610. debit to Interest Expense of $500