256.225—Unamortized premium on long-term debt.
(a)
This account shall include the excess of the cash value of consideration received over the face value upon the issuance or assumption of long-term debt securities.
(b)
Amounts recorded in this account shall be amortized over the life of each respective issue under a plan which will distribute the amount equitably over the life of the security. The amortization shall be on a monthly basis, with the amounts thereof to be credited to account 427, Interest on long-term debt, or account 431, Other interest expense.