On July 1, Veal 1, East LO. purchased as a long-term investment $500,000 face amount , $96 bonds of Rand Corp . for $461 50 0 to yield 10`6 per year . The bonds pay interest Semiannually on January 1 and July 1. East doEs not Elect the fair Value Option for reporting THESE Securities . In its DECEMBER 31, Year 1 balance Sheet, East Should report interest receivable of