Use the following information for the following 3 questions: (round all parts to the nearest dollar) Porter, Inc. issued $400,000, 10-year, 10% bonds for $354,200 on January 1, 2017, the bonds pay interest semiannually on June 30 and December 31. On the date of issuance, the interest rate in the bond market is 12%. Round all parts of the problem to the nearest dollar. 1. What will Porter record as interest expense for the year ending December 31,2017? A. S42,579 B. S40,000 C. S21,252 D. $21,327 E. S20,000 2. What is the carrying value of the bond on December 31, 2017? A. S354,200 B. $355,452 C. $356,779 D. S400,000 E. $359,677 3. What is the total cost of borrowing over the life of this bond? A. S45,800 B. $354,200 C. $400,000 D. S445,800 E. S800,000