Discount-Mart issues $17 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 $680,000 680,000 680,000 680,000 $765,862 770, 155 774,662 779,396 $85,862 90,155 94,662 99,396 Carrying Value $15, 317,231 15,403,093 15,493,248 15,587,910 15,687,306 What is the interest expense on the bonds in 2021? Multiple Choice $765,862. $770.155 $1,536,017. $1,360,000