Discount-Mart issues $16 million in bonds on January 1, 2021. The bonds have a ten-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 $14,164,813 06/30/2021 $800,000 $849,889 $49,889 14,214,702 12/31/2021 800,000 852,882 52,882 14,267,584 06/30/2022 800,000 856,055 56,055 14,323,639 12/31/2022 800,000 859,418 59,418 14,383,057 What is the interest expense on the bonds in 2021? Multiple Choice C $1,702,771. $849,889. $852,882.