On 1/1/X1, a company borrowed $500,000 cash by agreeing to a 9%, five (5) year instaliment note with the bank. The note will be paid back in five (5) equal annual installments of $128,546 on December 31 of each year beginning December 31,201. Question: After the first installment payment, what will be the carrying value of the note on December 31,20X1? Select one: a. $500,000 b. $488,431 c. $416,454 d. $371,454 e. $455,000