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. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be: Multiple Choice $89,083 $178,166. $136,834. $189.000 $157,500