On December 31, 2021, Fame Company sold a 12% serial bond issue with face amount of P7,000,000 for P7,420,000. The bonds mature in the amount of P1,000,000 on December 31 of each year beginning December 31, 2022 and interest is payable annually. Prepare a schedule showing the annual amortization of the bond premium using the bond outstanding method. Complete the table below. Jan 1, 2021 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 Dec 31, 2026 Dec 31, 2027 Dec 31, 2027 FINANCIAL POSITION Bond payable Premium on bond payable Net COMPREHENSIVE INCOME Interest expense - Dec 31 (Jan-Dec) Interest expense - premium on B/P Total interest expense Fraction