Solected transactions on the books of Selena Inc. follow: May 1, 2020 Bonds payable with a par value of $700,000, which are dated January 1, 2020, are sold at 106 plus acerued 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 premium (Use straight line amonization.) Jan. 1, 2021 Interest on the bonds is paid April 1 Par value bonds of $420,000 are repurchased at 103 plus accued interest and ate retired. (Bond premium is to be amortized at lhe end of each year)