Quatro Co. issues bonds dated January 1, 2015, with a par value of $840,000. The bonds' annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31, The bonds mature in three years. The annual market rate at the date of issuance is 12%, and the bonds are sold for $860,685. 1. What is the amount of the premium on these bonds at issuance? Premium