Swifty Industries, Inc. issued $12,300,000 of 8% debentures on May 1, 2020 and received cash totaling $10,913,332. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effective- interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding. (Round answers to O decimal places, e.g. 5,275.) Date Interest Expense 5/1/20 11/1/20 $ 492,000 5/1/21 Total 492,000 +A $ Cash Interest 545,667 548,350 +A +A Discount Amortized 53,667 +A Carrying Value of Bonds 10,913,332 10,966,999 56,350 11,023,349 110,017