A $800,000, 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