Required information [The following information applies to the questions displayed below.] On January 1, 2024, Monster Corporation borrowed $11 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $3,247,509 on December 31 of each year. The payments include interest at a rate of 7%. 2. Prepare an amortization schedule over the four-year life of the installment note. (Round your final answers to the nearest dollar amount. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 12/31/2024 12/31/2025 $ 3,247,509 3,247,509 12/31/2026 3,247,509 12/31/2026 3,247,509