Check my work On January 1 of Year 1, Congo Express Airways issued $3,500,000 of 7% bonds that pay interest semiannually on December 31 and June 30. 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 amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be: Multiple Choice $132,500 $225,000 $265.174 to search o 00 1:53 PE 7/27/20 Multiple Choice $132,500. $225,000. $265.174 $245.000 $224 826 Prex search o