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Ferry Inc issued a $250,000 bond on March 1, 2020. The bond has a stated interest rate of 10%, matures on March 1, 2023 and pays interest on September 1 and March 1 of every year. The market interest rate was 12% when the bond was issued. Ferry Inc has a December 31 year end and uses the effective interest method to amortize bond discount or premium, and uses a discount or premium account. Present value factors for selected periods and interest rates are shown below. Periods 3 5% 0.8638 Present Value of $1 Present Value of Ordinary Annuity of $1 6% 10% 12% 5% 6% 10% 12% 0.8396 0.7513 0.7118 2.7232 2.6730 2.4869 2.4018 0.7050 0.5645 0.5066 5.0757 4.9173 4.3553 4.1114 6 0.7462 of 32 The interest expense Ferry Inc would record on December 31, 2020 is Select one: a. $9.579 b. $28,737 O c. $7.924 O d. $8,735 Total interest expense during the bond's life would equal: Select one: O a. $75,000 b. $87,284 O c. $90,000 O d. $77,314