On January 1 of Year 1. Congo Express Airways issued $3,100,000 of 7% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,831,973 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $8,934 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be: | o $199132. o $234,868. o $217,000. o $199,286. o $17,357