Joe borrowed $$100,000($a four$-$year loan at $10$ percent interest$)$ on January $2,2020.$ During the course of the year, he paid back $$30,000$ on that debt. What would his December $31,2020$ balance sheet show for this debt? Interest is an expense and not part of the loan balance.

Multiple choice question.

Approximately $$25,000$ because that is what will be paid over the next $12$ months.

$$70,000$ because the balance sheet should report what is owed on the balance sheet date.

$$100,000$ because the balance sheet shows what was originally borrowed.

Approximately $$10,000$ because that is the amount of interest owed.