Question 12 On January 1, 2017, Marianne Corp. purchased $50,000, of Robin Ltd.'s 4%, 10-year bonds for $48,000, since the market interest rate was approximately 4.5%. The bonds pay interest on January 1 and July 1. Marianne has a calendar year end, and assed the bonds as long-term investments. The fair value on December 31, 2017 was $48,500. Marianne sold the bonds on January 2, 2018 for $48,500 The adjusting entry for interest on December 31, 2017, O Cash 1,000 1,062 Long-Term Investments Interest Revenue Interest Receivable Long Term Investments Interest Revenue 1,000 82 1,002 1,000 Interest Recevable Long-Term Investments Interest Revenue No entry required