On January 1, 2004, St. Street Corporation issued $100,000 of ten-year bonds that pay 8% annually on December 31. At the time of issue, the bonds' investors were demanding only a 7% return on their investment, and the cash proceeds of the bond issue to the corporation were $106,992. If St. Street uses the interest method, the premium amortization to be recorded on December 31, 2004.