On January 1 , a company borrowed $70,000 cash by signing a 9% installment note that is to be repaid with 4 annual year-end payments of $21,607. While the amount borrowed equals $70,000, the total payments on this note amount to $86,428. Required: a) What is the difference between the amount borrowed and the total payments on the note amount? (1 mark) b) Describe how we record the difference throughout the life of installment