On January 1,2020,24-Seven Corporation purchased land with a fair market value of $150,000 by issuing a 4-year non-interest-bearing note in the face amount of $262,350. The note implies an effective interest rate of 15% (meaning the present value of the note is $150,000 ). In its 2020 income statement, 24 -Seven should recognize interest expense of: a. $0. b. $22,500. c. $28,088. d. $39,353. e. None of the above