On January 1, 2018, Penn Corp. signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Penn to make annual payments of $100,000 at the end of each year for ten years. Penn properly accounted for this lease transaction as a capital lease. The lease payments were determined to have a present value of $614,457 at an effective interest rate of 10%. Total interest expense to be recorded over the lease term will be: Select one: a. $266,507 b. $328,962 c. $466,507 O d. $533,493 o e. $385,543