Question: On January 1, 2020, a borrower signed a long-term note, face amount, $250,000; time to maturity, three years; stated interest rate, 8% paid annually on

On January 1, 2020, a borrower signed a long-term note, face

On January 1, 2020, a borrower signed a long-term note, face amount, $250,000; time to maturity, three years; stated interest rate, 8% paid annually on December 31; and cash proceeds from the loan, $243,672. Using the effective interest method, what is the amount of interest expense recognized for the year ended December 31, 2021? A) $22,104 B) $20,000 C) $19,494 O D) $21,930

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