On January 1, 2021 Townsend loaned $112,695 to free. A zero-interest bearing note(face amount $150,000) was exchanged solely for cash. The note is to be repaid on December 31,2023. The prevailing rate of interest for a loan of this type is 10%. The present value of $150,000 at 10% for three years is $112,695.What amount of interest expense should free recognize for year ending dec 31,2021. What is the carrying value of the note at DEC31,2021, INTEREST EXPENSE: I CARRYING VALUE OF NOTE: