On January 1, 2020 Fungi Corp entered into a three-year installment note for $100,000 at 5% interest. The note requires a monthly payment of $2,997. Question 1: The journal entry to record the payment on January 31, 2020 will include a: Question 2: What is the new Carrying Value of the Note Payable after the journal entry? Question 1 Answer Selection into a three-year install Debit of $2,997 to Interest expense Debit of $5,000 to Interest expense $2,997. Debit of $417 to Interest expense Credit of $250 to Interest expense Question 2 Answer Selection the payment on January 3 $97,003 $95,000 $97,253 $97,420 alue of the Note Payable a at