On December 31, 2020, Bui Corporation signed a six-year noncancelable lease for equipment. The terms of the lease called for Bui to make annual payments of $200,000 at the end of each year for six years beginning on December 31, 2020 with the title transferring to Bui at the end of this period. Bui uses the straight-line method of depreciation for all of its fixed assets. The lease payments were determined to have a present value of $958,157 at an effective interest rate of 10%. In 2021, Bui should record interest expense of a. $63,397 b. $95,816 C. $85,397 d. $75,816