On May 1, 1999, Thunder Corp. issued 11% bonds in the face amount of ₱1,000,000 that mature on May 1, 2009. The bonds were issued to yield 10%, resulting in bond premium of ₱62,000. Thunder uses the effective interest method of amortizing bond premium. Interest is payable semiannually on November 1 and May 1. In its October 31, 1999, balance sheet, what amount should Thunder report as unamortized bond premium?

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