Grocery Corporation received $330,361 for 11.00 percent bonds issued on January 1, 2018, at a market interest rate of 8.00 percent. The bonds had a total face value of $275,000, 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.

Journal Entry:

1) Record the interest payment on December 31.