2 result of changing market conditions, the fair value of the bords at December 31, 2024, was $3250 million Required: Return to question 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 $360 million. Prepare the journal entry to record the sale Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 4 Prepare the journal entry to record Mills' investment in the bonds on July 1, 2024 and interest on December 21, 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, (.e., 5,500,000 should be entered as 5.5 No 1 Date July 01, 2024 Investment in bonds General Journal Premium on bond investment Cath 2 December 31, 2024 Cash Premium on bond investment Interest revenue Req3 > 000 000 Show less Debit Credit 30000 50.00 350.0 18.00 120 14.0