On January 1, 2010, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1.

On January 1, 2010, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the monthly amortization amount is