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 O $175,000 $189,666. $200,000 $94,833 $160,334