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N january 1 of year 1, congo express airways issued $3,500,000 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 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 $3,217,563. $3,780,000. $3,782,437. $3,340,063. $3,902,500

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