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. 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: 1 Multiple Choice 0 $2,294,666. 0 $2,382,166. 0 $2,705,334 0 $2,792,834. 0 $2,207,166