On January 1 of Year 1 Congo Express Airways issued $2,500,000 of 7% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2.280.000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $7,333 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be Multiple Choice S75,000. S189,666. S160334 594,833