can someone help me with this

On January 1, 2015, Buchheit Enterprises reported $123, 500 in a liability called "Bonds Payable, Net." This liability related to a $130,000 bond with a stated interest rate of 5 percent that was issued when the market interest rate was 7 percent. Assuming that interest is paid December 31 each year, prepare the journal entry to record interest paid on December 31, 2015, using the simplified effective-interest method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)