A $900,000, ten-year, 4% bond issue was sold to yield 5% interest payable annually. Actuarial information for 10 periods is as follows:

	4%	5%
Present value of 1	0.67556	0.61391
Present value of an annuity of 1	8.11090	7.72174

Refer to Exhibit 14-4. The discount or premium at the date of bond issuance would be