Journal entry worksheet Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits. Tanner UNF Corporation acquired as an investment $250 million of 6% bonds, dated July 1 , on July 1,2024 . 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 31,2024 , was $210 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, 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 $190 million. Prepare the journal entries required on the date of sale. Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits