PART B (6 marks) 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 note? (5 marks)