What is the value of the variable phones after the execution of the following code?
phones = {'John': '555555', 'Julie': '7777777'}
phones['John'] = '1234567'
{'John': '1234567', 'Julie' : '7777777'}
phones = {'John': '555555', 'Julie': '7777777'}
phones['John'] = '1234567'
{'John': '1234567', 'Julie' : '7777777'}