14. Journal Entries (Interest and * 4 points Amortization) On the first day of the year 2021, a company issues a $50,000,000,6%, 10 -year bond that pays semi-annual interest, receiving cash of $52,000,000. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Debit Interest Expenses $1,400,000; Debit Premium on Bonds Payable $100,000; Cash $1,500,000 Debit Interest Expenses $1,500,000; Cash $1,500,000 Debit Interest Expenses $1,600,000; Credit Premium on Bonds Payable $100,000; Cash $1,400,000