Question: 1 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate

com 125 DO Exercise 12-1 (Algo) Securities held-to-maturity; bond investment: effective interest,

1 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 125 DO Exercise 12-1 (Algo) Securities held-to-maturity; bond investment: effective interest, discount; financial statement effects (LO12-1, 12-2] Tanner-UNF Corporation acquired as a long-term investment $340 milion of 50% bonds, dated July 1, on July 1, 2024 Company management has the positive intent and ability to hold the bonds until matunty. The market interest rate (yield) was 6% for bonds of similar nick and maturity Tanner-UNF paid $3000 mmion for the bonds. The company will receive interest semiannually on June 30 and December 31 As a result of changing market conditions, the fair value of the bonds at December 31, 2024, was $1100 mon Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024. at the effective (market) rate 3. At what amount wit Tanner-UNF report its investment in the December 31, 2024, balance sheet? 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2025, for $290.0 milion Prepare the journal entry to record the sale O Answer is not complete. Complete this question by entering your answers in the tabs below. Rand 4 Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (... 5,500,000 should be entered as Show &

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