A bond with a face value of $100,000 is sold on January 1. The bond has a stated interest rate of 10 percent and matures in 10 years. When the bond was issued the market rate on interest was 10 percent. On December 31, the market interest increased to 11 percent. What amount should be reported on December 31 as the bond liability?
a. $100,000
b. $94,112
c. $94,460
d. $87,562
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