Newton Corporation sold its $1,000,000, 7% ten-year bonds to the public on January 1, 2011. The bonds pay interest annually, beginning on December 31, 2011. Newton received $1, 153, 420 in cash at the issuance of the bonds. The market rate of interest when the bonds were sold was 5%. Compute the amount of the premium that Newton Corporation should amortize on December 31, 2011, assuming the "effective-interest" method is used