McPherson Corporation issued $100,000 of 10%, 5-year bonds payable on January 1, 2020, for $92,980. The market interest rate w 2020. Using the effective-interest amortization method, how much interest expense will McPherson record on July 1, 2020? O A. $5,000 B. $5,228 C. $6,772 OD. $6,000 O E $5,579 020, for $92000 Thementerest rate when the bonds were issued was 12% Interest is paid semi-annually on January 1 and July 1 The first interest payment is July 1, con record on July 1, 2007