Discount-Mart issues $16 million in bonds on January 1, 2021. 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 Expense Increase in Carrying Value Cash Paid Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $640,000 640,000 640,000 640,000 $720,818 724,851 729,094 733,549 $80, 811 84,851 89,094 93,549 Carrying Value $14,416,217 14,497,028 14,581,879 14,670,973 14,764,522 What is the interest expense on the bonds in 2021