Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Retu Tanner-UNF Corporation acquired as an investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million 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, 2021, was $210 million. Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate. 3. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2021, 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, 2022, for $190 million, Prepare the journal entries required on the date of sale. * Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 3 Reg 4 co search slicet Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits. Debit Credit Date General Journal January 02, 2022 Investment in bonds Fair value adjustment Record entry Clear entry View general journal