On 1/1/X1, Wolfpack Inc. financed the purchase of a building with a cost of $197,428 by issuing an installment note for the full amount. The interest rate on the note is 12% compounded annually. The note will be paid off in four annual installments of $65,000 each with the first payment being due on 1/1/X2. Required: Using the above information, answer the following three questions. Note: Round all calculations to the nearest whole dollar. Question #1: How much interest expense should be recorded at the time the first installment payment is made (on 1/1/X2)? Answer: Question #2: What is the remaining carrying value of the note immediately after the first installment payment on 1/1/X2? Answer: Question #3: How will the carrying value of the note change as the annual payments continue to be paid over time? >