Sec. 32.1407  Unamortized debt issuance expense.

    (a) This account shall include the total unamortized balance of debt 
issuance expense for all classes of outstanding long-term debt. Amounts 
included in this account shall be amortized monthly and charged to 
account 7530, Amortization of Debt Issuance Expense.
    (b) Debt Issuance expense includes all expenses in connection with 
the issuance and sale of evidence of debt, such as fees for drafting 
mortgages and trust deeds; fees and taxes for issuing or recording 
evidences of debt; costs of engraving and printing bonds, certificates 
of indebtedness, and other commercial paper; fees paid trustees; 
specific costs of obtaining governmental authority; fees for legal 
services; fees and commissions paid underwriters, brokers, and salesmen; 
fees and expenses of listing on exchanges, and other like costs.
    (c) A subsidiary record shall be kept of each issue outstanding.