Discount-Mart issues $16 million in bonds on January 1, 2021. The bonds have a nine-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 01/01/2021 Cash Paid Interest Expense Increase in Carrying Value Carrying Value $14,267,583 06/30/2021 $800,000 $856,055 $56,055 14,323,638 12/31/2021 800,000 859,418 59,418 14,383,056 06/30/2022 800,000 862,983 62,983 14,446,039 12/31/2022 800,000 866,762 66,762 14,512,801 What is the interest expense on the bonds in 2021? Multiple Choice $1,715,473. $856,055. $1,600,000.