On May 1, 2013, Ezzy Company issued a 6-year bond worth $400,000 with an interest rate of 8% per annum. Interest is to be paid semi-annually on October 31 and April 30. At the time of the issuance, the market interest rate was 6%. Ezzy Company amortizes any premium or discount using the straight-line method. Calculate the bond issue price and the resulting premium or discount.