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What is the amount of expense ivanhoe must recognize

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Problem 1: Ivanhoe Company borrowed $850000 from BankTwo on January 1, 2019 in order to expand its mining capabilities. The 5-year note required annual payments of $221371 and carried an annual interest rate of 9.5%. What is the amount of expense Ivanhoe must recognize on its 2020 income statement?

Option 1: $80750.

Option 2: $59718.

Option 3: $59718.

Option 4: $67391.

Reference no: EM132741376

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