Hello,

I'm currently having trouble solving this accounting problem. The problem is displayed below, and if anything else is needed feel free to let me know. Thank you for your help and time.

Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1 , on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yleld) 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. At what amount will Tanner-UNF 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 5190 million. Prepare the journal entry to record the sale. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) At what amount will Tanner-UNF report its investment in the December 31,2021 , balance sheet? millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) 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 entry to record the 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, (1.e., 5,500,000 should be entered as 5.5).)