Exercise 10-20 a-d (Video) (Part Level Submission) Pina Colada Corp. issued $456,000, 8%, 20-year bonds on January 1, 2020, at 101, Interest is payable annually on January 1. Pina Colada uses straight-line amortization for bond premium or discount. Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Jan. 1 Cash 460,560 Bonds Payable 456,000 Premium on Bonds Payable 4560 Click if you would like to Show Work for this question: Open Show Work Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work