Check my 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. The company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue (including interest) in the amount of: Multiple Choice $3,217,563 $3,340,063. $3,782,437 $3,780,000. $3,902,500. < Prev 6 of 15 Next >