On July 1, 2020, Midland Company issued for $598,964, 10%, 20-year bonds with a face value of $500,000. Interest is paid semiannually on December 31 and June 30. The bonds were issued to yield 8%. Midland uses the effective interest method to amortize any bond discount or premium. What is the amount of interest expense that Midland will report for the year ended December 31, 2021? O A) $47,791 O B) $47,875 C) $47,917 D) $59,896 Bell Tower Inc. adjusts the balance in its bonds payable account to fair value at a reporting date under the fair value option election. Where in the financial statements would the portion of any unrealized gain or loss be recognized for a change due to general risk? A) Net income B) Other comprehensive incom O C) Not recognized anywhere D) The balance sheet