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me that e tto be ponto to me to the On May 2020 tary Corporation a year and worth $41000 han estate of perm bondant May ! 7 . Interest Expense Premium on Bonds Pay Cath To record and Grei To record first payment of interest and amortization 3) Accrual of interest and amortization of premium or discount on December 31, 2020, which is the company's year-end. Account Title and Explanation Debit Credit Date Interest Expense Dec 31 1 Premium on Bonds Payable Interest Payable To record the interest accrued on bonds payable 4) Payment of interest and amortization of premium or discount on April 30, 2021 Account Title and Explanation Debit Credit Date Apr 30 Interest Expense Interest Payable Premium on Bonds Payable Cash To record payment of interest and amortization 5) Redemption of the bond for its face value one year before maturity on May 1. Date Account Title and Explanation Debit Credit May 1 Bonds Payable Premium on Bonds Payable Cash Redemption of bond