Use the Following Information for Questions

question 16

Short Answer

Use the following information for questions
On January 1, 2022, Burkett Corporation purchased, as a long-term investment, a $25,000, 5% bond, for $21,595.At this time, the market rate of interest was approximately 7%.The bond pays interest on January 1 and July 1.On December 31, 2022, the fair value of the bonds was $23,950.
-What is the entry to record the receipt of the interest on July 1, 2022?

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