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: Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2024 $12,698,702 06/30/2024 $700,000 $761,922 $61,922 12,760,624 12/31/2024 700,000 765,637 65,637 12,826,261 06/30/2025 700,000 769,576 69,576 12,895,837 12/31/2025 700,000 773,750 73,750 12,969,587