Tanner-UNF Corporation acquired as an investment $240 million of 5% bonds, dated July 1, on July...

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Tanner-UNF Corporation acquired as an investment $240 million of 5% bonds, dated July 1, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate yield was 6% for bonds of similar risk and maturity. Tanner-UNF paid $220 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 $225 millon 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 motiveting Tanner-UNF to sell the investment on January 2, 2025, for $200 milion. Prepare the journal entries required on the date of sale Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req 4 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 millors rounded to I decimal place, (ie. 5,500,000 should be entered as 3.5). Journal entry worksheet < 2 Record Tanner-UNF's investment in the bonds on July 1, 2024. General Jal Debil Credit Date Show less Tanner-UNF Corporation acquired as an investment $240 million of 5% bonds, dated July 1, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate yield was 6% for bonds of similar risk and maturity. Tanner-UNF paid $220 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 $225 millon 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 motiveting Tanner-UNF to sell the investment on January 2, 2025, for $200 milion. Prepare the journal entries required on the date of sale Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req 4 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 millors rounded to I decimal place, (ie. 5,500,000 should be entered as 3.5). Journal entry worksheet < 2 Record Tanner-UNF's investment in the bonds on July 1, 2024. General Jal Debil Credit Date Show less