TB MC Qu. 10-91 (Algo) On January 1 of Year... On January 1 of Year 1, Congo Express Airways issued $4,000,000 of 6% bonds that pay interest semiannually on January 1 and July 1 . The bond issue price is $3,630,000 and the market rate of interest for similar bonds is 7%. The bond premium or discount is being amortized at a rate of $12,333 every six months. The company's December 31 , Year 1 balance sheet should reffect total trabilities associated with the bond issue (including interest) in the amount of: Multiple Choice $3,534,666 53774,666 54,345,334 Muluple Choice $3,534,666 $3,774,666 $4,345,334 $4,465,334 $3,654,666