On june 1, greendale corp. issued $700,000, five-year bonds at 8%, with interest payable annually on may 31. the bonds sold for $728,700 when the market rate of interest was 7%. greendale uses the effective interest method for amortizing premiums on bonds payable. what is the balance of the premiums on bonds payable account immediately following the first interest payment? a) $22,960 b) $23,709 c) $33,691 d) $34,440