Installment Note The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE Oct.1 Interest Expense Notes Payable 710 95,663.00 215 606,899.00 Cash 110 702,562.00 Installment Note Using the information provided, compute the following amounts. 1. What was the carrying amount (book value) of the installment note before the payment on October 1? $ 2. What portion of next year's payment will be interest? (Round the amount to the nearest dollar.)