This was a book that my brother and I had growing up. I have no idea what happened to our copy, but when I found this one in good condition at reasonable price, I snatched it up. As I recall, we did not have the record with our original copy (but then, we didn't have a record player either, so it wouldn't have made any difference).
The record slides into a pocket on the inside of the back cover.
The comic book seems to have been written - or at least drawn - by someone mostly unfamiliar with Star Trek. That green guy visible on the inside front cover is supposed to be a Romulan (perhaps the artist assumed that he could take the same liberties with Romulan appearance that the movies took with the Klingons). The Enterprise is awkwardly and disproportionately drawn throughout. The characters wear the Motion Picture uniforms, but Kirk is still a Captain, and the bridge as well as the Enterprise exterior seem more based on the TV series than the movie. A possible explanation is that, since this book was published the year The Motion Picture came out, perhaps the artist did not have access to enough images from the movie to draw from. However, this book was written for kids, not detail-obsessed Star Trek fans, and I recall that I enjoyed it when I was a kid.
Peter Pan Records, under different names and parent/offspring companies, produced many Star Trek records, and was a leading name in children's records of all sorts.