Question: I need help with this question. Can you help me only with the part 4-B? I need help with this question. Can you help me

I need help with this question. Can you help me only with the part 4-B?

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $ 70 million of 6% bonds, dated January 1, on January 1, 2018. Management intends to have the investment available for sale when circumstances warrant. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $55 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, 2018, was $60 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4-a. At what amount will Fuzzy Monkey report its investment in the December 31, 2018, balance sheet? 4-b. Prepare the entry necessary to achieve this reporting objective. Record any necessary entry to report the investment at the correct value on the balance sheet. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018

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