Discount-Mart issues $14 million in bonds on January 1, 2024. The bonds have a seven-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Interest Date 01/01/2024 Cash Paid Expense Increase in Carrying Value Carrying Value $12,614,190 06/30/2024 $560,000 $630,710 $70,710 12,684,900 12/31/2024 560,000 634,245 74,245 12,759,145 06/30/2025 560,000 637,957 77,957 12,837,102 12/31/2025 560,000 641,855 81,855 12,918,957 What is the interest expense on the bonds in 2024? Multiple Choice $1,264,955 $634,245 $1,120,000 $630,710