Premium Amortization On the first day of the fiscal year, a company issues a $7.900,000, 119, 6-year bond that pays semiannual interest of $434,500 (57,900,000 X 11% *), receiving cash of $9,012,131 Sumale the first interest payment and the amortuation of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank Interest Expense Premium on Bonds Payable Cash bonds Payable is always recorded at face value. Any difference in issun price is reflected in a premium or discount account. The straight-line method of amortization provides equal art the bond