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? 
Definitions:
Fishery
The industry or activity of catching, processing, and selling fish and other aquatic organisms.
Property Rights
The legal rights to possess, use, and dispose of assets or property, which can be protected and enforced by law.
Open Ocean
The vast expanses of sea located beyond the continental shelf, characterized by deep waters and minimal human activity.
United Nations
An international organization founded in 1945 to promote peace, security, and cooperation among countries.
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