On January 1 of Year 1, Congo Express Airways issued $3,150,000 of 5% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,840,000 and the market rate of interest for similar bonds is 6%. The bond premium or discount is being amortized at a rate of $10,333 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of Multiple Choice $2,781,916 $3,439,334 $2,939.416 $3,518,084 2860,666 Extended Life Computer Dial 4357 for support en