The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL CREDIT Oct. 1 Interest Expense Notes Payable Cash DEBIT 227.040.00 475,522.00 702.562.00 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.) Points: 0/1