At the beginning of its current fiscal year, TRE Co. issued $500,000 of 8%, 15-year bonds at a premium of $45,320. Interest is payable annually.
Assuming that the effective interest method is used and that the yield rate is 7%, the unamortized premium at the beginning of the next year is approximately?
The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.