Question: The answers i am getting are wrong can you help me with this ? Premium Amortization On the first day of the fiscal year, a

The answers i am getting are wrong can you help me with this ?

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 7% 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. Cash 5,400,000 X Premium on Bonds Payable 400,000 X Bonds Payable 5,000,000 X Feedback Check My Work 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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