UM January 1, 2020, Always Corporation issues $2,000,000, 5-year, 10% bonds for $2.950,000. Interest is paid serannually on January 1 and July 1. Always Corporation uses the straight-line method of amortization. The company's fiscal year ends on December 31. The amount of premium amortized on July 1, 2020 is: $17,500. $70,000 $350,000 $35,000