On May 1, 20X2, Bolt Corp. issued 11% bonds in the face amount of $1,000,000 that mature on May 1, 20X12. The bonds were issued to yield 10%, resulting in bond premium of $62,000. Bolt uses the effective interest method of amortizing bond premium. Interest is payable semiannually on November 1 and May 1. In its October 31, 20X2, balance sheet, what amount should Bolt report as unamortized bond premium?
a. 62,000
b. 60,100
c. 58,900
d. 58,590
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