On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds:

Date January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 Cash 5,562 Interest 5,376 5,316 Amortization 186 224 Balance 54,860 54,674 54,470 54,000