Kingbird, Inc. issues $3.0 million, 5-year, 6% bonds at 101, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (b) Jan. 1 Cash Premium on Bonds Payable Bonds Payable eTextbook and Media List of Accounts 3,030,000 30,000 3,000,000 Attempts: unlimited Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2022, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit