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Webb Co. has outstanding a 7%, 10-year $100,000 face-value bond. The bond was originally sold to yield 6% annual interest. Webb uses the effective interest rate method to amortize bond premium. On June 30, Year 2, the carrying amount of the outstanding bond was $105,000. Assuming annual interest payments, what amount of unamortized premium on bond should Webb report in its June 30, Year 3, balance sheet?
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