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Mills Corporation acquired as a long-term investment $235 million of 8% bonds, dated July 1, on July 1,2024. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $270.0 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 $260.0 million. Required: 1. \& 2. Prepare the journal entry to record Mills' investment in the bonds on July 1,2024 and interest on December 31,2024 , at the effective (market) rate. 3. At what amount will Mils report its investment in the December 31,2024 , balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mils decided to sell the investment on January 2 , 2025 , for $280 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. At what amount will Mills report its investment in the December 31,2024 , balance sheet? Note: Do not round intermediate calculations. Enter your answer in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5 ). Mills Corporation acquired as a long-term investment $235 million of 8% bonds, dated July 1, on July 1,2024 . Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $270.0 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 $260.0 million. Required: 1. \& 2. Prepare the journal entry to record Mills' investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. 3. At what amount will Mills report its investment in the December 31,2024 , balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2. 2025 , for $280 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Mills' 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 joumal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in milions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). Show less A Mills Corporation acquired as a long-term investment $235 million of 8% bonds, dated July 1, on July 1, 2024, Company management has the positive intent and ablity to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $270.0 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 $260.0 million. Required: 1. \& 2. Prepare the journal entry to record Mills' investment in the bonds on July 1, 2024 and interest on December 31,2024 , at the effective (market) rate. 3. At what amount will Milis report its investment in the December 31,2024 , balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2 , 2025 , for $280 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2,2025, for $280 million. Prepare the joumal entry to record the sale. Note: If no entry is required for a transactionvevent, select "No joumal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (0.e, 5,500,000 should be entered as 5.5). Journal entry worksheet Prepare any journal entry needed to adjust the investment to fajr value. Mills Corporation acquired as a long-term investment $235 million of 8% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $270.0 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 $260.0 million. Required: 1. \& 2. Prepare the joumal entry to record Mill's' investment in the bonds on July 1,2024 and interest on December 31, 2024, at the effective (market) rate. 3. At what amount will Mils report its investment in the December 31,2024 , balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2 , 2025 , for $280 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Mills' 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 millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record interest on December 31, 2024. Milis Corporation acquired as a long-term investment $235 million of 8% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ablity to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $270.0 milion 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 $260.0 million. Required: 1. \& 2. Prepare the journal entry to record Mills' investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. 3. At what amount will Milis report its investment in the December 31,2024 , balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2 , 2025 , for $280 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2025, for $280 million. Prepare the journal entry to record the sale. Note: If no entry is required for a transactionvevent, 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, (L.e, 5,500,000 should be entered as 5.5). Show less A Journal entry worksheet Record the sale of the investment by Mills. Nole; Enter debils before sredsts