It's going to push aside and heat the air through which the object is falling.
The heating is the result of friction with the air, just like when the same object scrapes against anything else. Friction, in general, always robs energy of motion and turns it into heat.
It's going towards when the object finally hits the ground, where Newton's third law of motion takes effect: All forces have an equal an opposite reaction. So that's the answer. I hope this helps!
When an object reaches terminal speed, the gravitational potential energy it loses is converted into thermal energy due to air resistance. This energy is not lost but instead heats the air around the falling object. Energy is conserved as it transforms from gravitational potential energy to thermal energy without disappearing from the system.
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