On May 1, 2016, Bench Co. issued 11% bonds in the face amount of P 1,000,000 that mature on May 1, 2026. The bonds were issued to yield 10% resulting to a bond premium of P62,000. Bench uses the effective interest method of amortizing bond premiums. Interest is payable semi-annually on November 1 and May 1. In its October 31, 2016, statement of financial position, what amount should Bench report as unamortized bond premium?

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