On January 1, 2016, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $28,000 each, and will be paid on December 31, 2016, 2017, and 2018. The last three are to be $43,000 each and will be paid on December 31, 2019, 2020, and 2021. Montgomery borrowed other money at a 12% annual rate. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2016? How much interest expense on this note will Montgomery recognize in 2016