On January 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank The note requires annual payments consisting of principal e interest of $15,179, beginning on December 31 of the current year. Round your answers to the nearest peray. Use a comma, if applicable. A dollar sign is provided a. The December 31, Year 1 interest expense for this installment note will be equal to: 5 b. The December 31, Year 1 carrying amount for this installment note will be equal to: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11.942. The journal entry to record the payment of the first annual amount due on the note would include a credit to interest payable for $11.550 debit to interest expense for $23,492 debit to notes payable for $11.942 debit to cash for $11.942