When all premiums on callable debt securities should be amortized to the earliest call date and all discounts on callable debt securities should amortize to the maturity date. What effect will this have on interest expense if the bonds are issued at a premium and a discount? If you issue $10,000,000, 30 year callable bonds at a 5% premium, with a call feature at 10 years, what effect will this have on interest expense the first ten years? Provide journal entries and a comparative table to explain the differences. If you issue $10,000,000, 30 year callable bonds at a 5% discount, with a call feature at 10 years, what effect will this have on interest expense the first ten years? Provide journal entries and a comparative table to explain the differences.