Use the following information for questions.
On January 1, 2018, 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, 2018, the fair value of the bonds was $23,950.
-What is the entry to record the receipt of the interest on July 1, 2018?
D) Long-Term Investments 131Interest Revenue 756

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Use the following information for questions.
On January 1, 2018, 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, 2018, the fair value of the bonds was $23,950.
-What is the entry to record the receipt of the interest on July 1, 2018? 
D) Long-Term Investments 131Interest Revenue 756

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The Answer of Use the following information for questions.
On January 1, 2018, 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, 2018, the fair value of the bonds was $23,950.
-What is the entry to record the receipt of the interest on July 1, 2018? 
D) Long-Term Investments 131Interest Revenue 756

Use the Following Information for Questions