8. On January 1, 2020. Y Corporation issued $100.000 face value, 10-year, 10% bonds and received $88 530 cash proceeds from the sale of the bonds. The bonds pay interest semi- annually on July 1 and January 1 each year. The market rate of interest on the date of issue was 12%. The interest expense and cash payment that would be recorded on July 1, 2020 using the effective interest method of amortization is: a $5,000.00 interest expense; $5,311.80 cash payment. b.$5,311.80 interest expense: $5,311.80 cash payment c. 54,426.50 interest expense: $5,000.00 cash payment. d. 55,311.80 interest expense: $5,000.00 cash payment. e $5,000.00 Interest expense; $4,426.50 cash payment