on january 1 of year 1, congo express airways issued $3,400,000 of 7% bonds that pay interest semiannually on january 1 and july 1. the bond issue price is $3,100,000 and the market rate of interest for similar bonds is 8%. the bond premium or discount is being amortized at a rate of $10,000 every six months. the company's december 31, year 1 balance sheet should reflect total liabilities associated with the bond issue (including interest) in the amount of: multiple choice $3,001,000. $3,799,000. $3,680,000. $3,239,000. $3,120,000.
