Chapters 11 and 14 PERFORMANCE QUESTION 2 Excelsior Company issued a $48,000, 5 year Instal annual interest rate of 6% and required annual payments (installments) of S11.395 until paid. lment Note to a vendor. The Installment Note had an A. Determine the interest and principal portion of the fixed annual payments for year 1 and year 2 ot the Installment Note using the partial payment schedule below: Reduction Remaining Portion DATE Carrying Amount Principal Required Annual Installment Carrying Amount Portion Year 1 Year 2 Year 3 B. Prepare the journal entry to record the initial installment payment for year 1. C. Prepare the journal entry to record the installment payment for year 2. D. What is the carrying amount of the note for year 3