Question: I need help with the ones marked with a red x being dollar amounts for debits and credits as well as what Journal entry under

 I need help with the ones marked with a red x
being dollar amounts for debits and credits as well as what Journal
entry under general journal to do with the ones marked with red
I need help with the ones marked with a red x being dollar amounts for debits and credits as well as what Journal entry under general journal to do with the ones marked with red x. i posted the list of options to choose from.
x. i posted the list of options to choose from. Journal entry
worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits
before credits. Journal entry worksheet 1 Record the sale of the investment
by Tanner-UNF. Note: Enter debits before credits. 1. \& 2. Prepare the
journal entry to record Tanner-UNF's investment in the bonds on July 1,2024
and interest on December 31,202 at the effective (market) rate. 3. Prepare
any additional journal entry necessary for Tanner-UNF to report its investment in
the December 31,2024 , balance sheet. 4. Suppose Moody's bond rating agency

Journal entry worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. Journal entry worksheet 1 Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits. 1. \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1,2024 and interest on December 31,202 at the effective (market) rate. 3. Prepare any additional journal entry necessary for Tanner-UNF to 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 $240 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2024, balance sheet. 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, (i.e., 5,500,000 should be entered as 5.5). Tanner-UNF Corporation acquired as a long-term investment $300 million of 6% bonds, dated July 1, on July 1, 2024. Company management has classified the bonds as an available-for-sale investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $250 million for the bonds. The company will recelve 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 $260 million. 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. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2024, balarice 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 $240 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 $240 miltion. Prepare the fournal entries necessary to record the sale, including updating the fairvalue adjustment, recording any reclassification adjustment, and recording the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account neld. Do not round intermediate calculations. Enter your answers in miliions rounded to 1 decimal place, (L.e, 5,500,000 should be entered as 5.5). Journal entry worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. Journal entry worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. Journal entry worksheet Record the entry for reclassification adjustment. Note: Enter debits before credits. Journal entry worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 militions rounded to 1 decimal place, (li.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 $240 miltion. Prepare the journal entries necessary to record the sale, including updating the fairvalue adjustment, recording any reclossification adjustment, and recording the sale. intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!