On January 1, 2013, Stasny Company purchased land for a future warehouse site. A $50,000 down payment is made on that date. The 7%, ten-year loan requires annual payments of $70,000 to begin on December 31, 2013. Determine the interest expense for 2014 and the carrying value of the note as of December 31, 2014, after the adjusting entry for interest expense has been made. (round each part to the nearest dollar) 2014 Interest Expense: $70,000 12/31/14 Carrying Value: $491,651 2014 Interest Expense: $34,416 12/31/14 Carrying Value: $456,067 O 2014 Interest Expense: $31,925 12/31/14 Carrying Value: $417.992 O 2014 Interest Expense: $66,341 12/31/14 Carrying Value: $417.992 2014 Interest Expense: $70,000 12/31/14 Carrying Value: $456,067