Pharoah Inc. issues $4,500,000, 5-year, 14% bonds at 104, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. Prepare the adjusting journal entry to...

Pharoah Inc. issues $4,500,000, 5-year, 14% bonds at 104, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.

Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020.

what is the account title or explanation?

What is debit or credited?