When converting to government-wide financial statements, the entry to record the amortization of the premium on a bond would look like:

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When converting to government-wide financial statements, the premium paid on a bond is amortized over the life of the bond. This means that a portion of the premium is recognized as interest expense each period. Therefore, the entry to record the amortization of the premium on a bond would be to debit the Premium on bonds payable account and credit the Interest expense account. This will reduce the carrying amount of the bonds payable to their face value over time.

When Converting to Government-Wide Financial Statements, the Entry to Record