(Solved): THERE ISNT ONE CORRECT ANSWER ALREADY ON THERE Tanner-UNF Corporation acquired as an investment $2 ...

THERE ISNT ONE CORRECT ANSWER ALREADY ON THERE Tanner-UNF Corporation acquired as an investment $220 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 $180 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 $190 million. Required: & 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. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2024, balance sheet. 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 $170 million. Prepare the journal entries required on the date of sale. Complete this question by entering your answers in the tabs below. 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 millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5 ). Show less A