2 16.66 points Fuzzy Monkey Technologies, incorporated purchased as a long-term investment $120 million of 6%...

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2 16.66 points Fuzzy Monkey Technologies, incorporated purchased as a long-term investment $120 million of 6% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $100 million, Interest 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 $110 million. Required: 1. 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? 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this investment? of more than one approach is possible. indicate the one that is most likely) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 Req 5 Prepare the relevant journal entries on the respective dates (record the interest at the effective 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 2 decimal places, (ie, 5,500,000 should be entered as 5.50) No 1 Date January 01, 2024 Investment in bonds General Journal Cash Discount on bond investment 2 June 30, 2024 Cash Discount on bond investment Interest revenue 3 December 31, 202 Cash Discount on bond investment Interest revenue 000 000 000 Req 4 > Show less Debit 180.00 O Credit 20.00 O 100.00 3.00 O 3.000 5.00 O 5.00 2 16.66 points Fuzzy Monkey Technologies, incorporated purchased as a long-term investment $120 million of 6% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $100 million, Interest 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 $110 million. Required: 1. 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? 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this investment? of more than one approach is possible. indicate the one that is most likely) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 Req 5 Prepare the relevant journal entries on the respective dates (record the interest at the effective 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 2 decimal places, (ie, 5,500,000 should be entered as 5.50) No 1 Date January 01, 2024 Investment in bonds General Journal Cash Discount on bond investment 2 June 30, 2024 Cash Discount on bond investment Interest revenue 3 December 31, 202 Cash Discount on bond investment Interest revenue 000 000 000 Req 4 > Show less Debit 180.00 O Credit 20.00 O 100.00 3.00 O 3.000 5.00 O 5.00