24 On January 1 of Year 1. Congo Express Airways issued $3,500,000 of 7% bonds that pay interest semiannually on January 1 and July 1 The bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $10,087 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total abilities associated with the bond Issue (including interest) in the amount of 2 0301 Multiple Choice $3,217,563. 53,340,063. 53,782.437. $180.000. 53,902,500