On January 1 of Year 1, Congo Express Airways issued $2,250,000 of 5% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,030,000 and the market rate of interest for similar bonds is 6%. The bond premium or discount is being amortized at a rate of $7,333 every six months. The company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of $2,511,584 O $2,100,916 $2.455,334. $2,044,666 O $1,988,416