Problem 3-3 (Algo) (LO 3-4) On January 1, 2024, Jay Company acquired all the outstanding ownership shares of Zee Company. In assessing Zee's acquisition-date fair values, Jay concluded that the carrying value of Zee's long-term debt (eight-year remaining life) was less than its fair value by $20,800. At December 31, 2024, Zee Company's accounts show interest expense of $14,430 and long-term debt of $370,000. What amounts of interest expense and long-term debt should appear on the December 31, 2024, consolidated financial statements of Jay and its subsidiary Zee? Item a. Interest expense Long-term debt $ 390,800 $ 17,030 b. $ 17,030 $ 388,200 C. $ 11,830 $ 390,800 d. $ 11,830. $ 388,200