On july 1, shady creek resort borrowed $340,000 cash by signing a 10-year, 9% installment note requiring equal payments each june 30 of $52,979. what is the journal entry to record the first annual payment? a. debit cash $340,000, debit interest expense $52,979, credit notes payable $392,979. b. debit interest expense $52,979; credit cash $52,979. c. debit interest expense $30,600; credit cash $30,600. d. debit interest expense $30,600; debit interest payable $22,379, credit cash $52,979.