Question: help me with this please Premium Amortization On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays

help me with this please

Premium Amortization On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 x 7% x V), receiving cash of $5,400,000. Journalize the first interest payment and the amortization of the related bond premium. If an amount box does not require an entry, leave it blank. Cashx 5,400,000 Premium on Bonds Payable 400,000 Bonds Payable x 5,000,000 Feedback Check my Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond

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