On January 1, 2025, Bend Company purchased a building and signed a ten-year mortgage for $400,000 at 12%. The note will be paid in equal annual installments of $70,794, beginning January 1, 2026. Calculate the balance of Mortgages Payable after the payment of the first installment. (Round answer to the nearest whole number.) Question content area bottom Part 1 A. $306,412 B. $377,206 C. $329,206 D. $352,000