On January 1, 2023, Bramble Limited paid $396,676.70 for 14% bonds with a maturity value of $370,000. The bonds provide the bondholders with a 12% yield. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December 31 of each year. Bramble accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end.

If Bramble used the straight-line method of discount/premium amortization, prepare the journal entry to record interest received and interest income the company would make each year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 2 decimal places, e.g. 52.75.)