The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL DATE DESCRIPTION DEBIT CREDIT POST. REF. 710 227,040,00 Oct. 1 Interest Expense Notes Payable 215 475,522.00 5 Cash 110 702,562,00 Using the information provided, compute the following amounts 1. What was the carrying amount (book value) of the installment note before the payment on October 1? Points 0/1 2. What portion of next year's payment will be interest? (Round the amount to the nearest dollar)