On July 1, Year 1, Cobb Company issued 9% bonds in the face amount of $1,000,000 which mature in ten years. The bonds were issued for $939,000 to yield 10%, resulting in a bond discount of $61,000. Cobb uses the effective interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, Year 3, Cobb's unamortized bond discount should be: $52, 810 $57, 100 $48, 800 $43,000