Question: Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3

Answer is complete but not entirely correct. Complete this question by entering

Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022, for $220 million. Prepare the journal entries required on the date of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) 1 No Date General Journal January 02, 2022 Loss on investment (unrealized, NI) Fair value adjustment 2 January 02, 2022 Cash Fair value adjustment Discount on bond investment Investment in bonds < Req 3 Req 4 > Debit Credit 20.0 20.0 220.0 10.1 x 39.9 270.0 Show less

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