On July 1, Shady Creek Resort borrowed $370,000 cash by signing a 10-year, 7% installment note requiring equal payments each June 30 of $52.680, What is the journal entry to record the first annual payment? Multiple Choice Debit Cash $370.000, debit interest Expense $52,680, credit Notes Payable $422,680. Debit interest Expense $25,900, debit Notes Payable $26,780; credit Cash $52,680 Debit interest Expense $52,680, credit Cash $52.680, Debit interest Expense $25,900; debit Interest Payable $26,780; credit Cash $52,680 Debit Interest Expense $25,900, credit Cash $25,900