Grocery Corporation received $316,530 for 8.00 percent bonds issued on January 1, 2018, at a market interest rate of 5.00 percent. The bonds had a total face value of $257,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the straight-line method to amortize the bond premium

Prepare the required journal entries to record t the first interest payment on December 31.