Fuzzy Monkey Technologies, Incorporated purchased as a longterm investment $$80$ million of $6\%$ bonds, dated January $1$on January $1,2024$Management has the positive intent and ability to hold the bonds until maturityFor bonds of similar risk and maturity the market yield was $8\%$The price paid for the bonds was $$64$ millionInterest is received semiannually on June $30$ and December $31.$ Due to changing market conditions, the fair value of the bonds at December $31,2024,$ was $$70$ million Required: to $3.$ Prepare the relevant journal entries on the respective dates $($record the interest at the effective rate$)4.$ At what amount will Fuzzy Monkey report its investment in the December $31,2024$ balance sheet? How would Fuzzy Monkey's $2024$ statement of cash flows be affected by this investment? more than one approach is possible. indicate the one that is most likely$)$ Complete this question by entering your answers in the tabs below. to $34$Reg Prepare the relevant journal entries on the respective dates $($record the interest at the effective rate $)$ entry is required for a transaction$/$ event, select No journal entry required" in the first account field. Do not round

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112024 Debit Bond Investments 64000000 Credit Cash 64000000 Journal Entry 1 Record t... View the full answer