Please put the answer in easy to read neat table please and thank you. and if no journal entry, please write no journal entry req. Mills Corporation acquired as a long$-$term investment $$260$ million of $5\%$ 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 $3\%$ for bonds of similar risk and

maturity. Mills paid $$300\mathrm{.}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 $$280\mathrm{.}0$ million.

Required:

& $2.$ 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.

At what amount will Mills report its investment in the December $31,2024,$ balance sheet?

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 $$315$ 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 $5\mathrm{.}5).$

Show less A

Journal entry worksheet

Record Mill's investment in the bonds on July $1,2024.$

Note: Enter debits before credits.

July $01,$

$2024.$ Journal entry worksheet

$1$

$2$

Record interest on December $31,2024.$

Note: Enter debits before credits.

Date General Journal Debit Credit December $31,2024$

$$

Complete this question by entering your answers in the tabs below.

Req $1$ and $2$

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 $5\mathrm{.}5).$

Investment

Journal entry worksheet

$$ quad$1$quad$2$

Prepare any journal entry needed to adjust the investment to fair value.

Note: Enter debits before credits.

S$.$No$/$Date Account Title Debit Credit January $02,2025$

$$

Journal entry worksheet

$1$

$2$

Record the sale of the investment by Mills.

Note: Enter debits before credits.

Date General Journal Debit Credit January $02,2025$

$$

$$

$$