Selected transactions on the books of Selena Inc follow May 1, 2020 Bonds payable with a par value of $700,000, which are dated Januaty 1,2020 , ate sold at 106 plus accrued interest They are coupon bonds, bear interest at 10% (payable annually at January 1), and mature on January 1,2030. (Use an interest expense account for accrued interest.) Dec 31 Adjusting entries are made to record the accrued interest on the bonds and the amortization of the proper amount of ptemium. (Use straight-line amortization.) Jan. 1, 2021 Interest on the bonds is paid April 1 Par value bands of $420,000 are repurchased at 103 plus accrued interest and are retired. (Bond premium is to be amortizod at the end of each year.)