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on january 1 of year 1, congo express airways issued $4060000 of 7% bonds that pay interest semiannually on january 1 and july 1. the bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. the bond premium or discount is being amortized at a rate of $10,087 every six months. the amount of interest expense recognized by congo express airways on the bond issue in year 1 would be:

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