6 Discount-Mart issues $14 million in bonds on January 1, 2021. The bonds have a eight-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Date 01/01/2021 Cash Paid Interest Expense Increase in Carrying Value Carrying Value $12,585,175 eBook 06/30/2021 $700,000 $755,111 $55,111 12,640,286 12/31/2021 700,000 758,417 58,417 12,698,703 06/30/2022 700,000 761,922 61,922 12,760,625 12/31/2022 700,000 765,638 65,638 12,826,263 What is the interest expense on the bonds in 2021? Multiple Choice: $1,400,000. $1,513,528. O $755,111. $758,417