The following journal entry was made by your predecessor to record the annual payment on a 5% 10 year instalment note NE JOURNAL ACCOUNTING EQUATION DESCRIPTION GATE Oct CREDIT NOTRE 710 ASSETS LALUTIS EOLITY spense Nose 95,663.00 60689900 215 110 702,362.00 Using the information provided, compute the following amounts ro 1. What was the carrying amount (book value) of the installment note before the payment on October 17 Jos 2. What portion of next year's payment will be interest? (Round the amount to the nearest dollar 15