3.16 13 points Tanner-UNF Corporation acquired as a long-term investment $170 million of 6% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $140 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, 2021, was $150 million Required: 1. How would this investment be classified on Tanner-UNF's balance sheet? 2. to 4. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021, Interest on December 31, 2021, at the effective (market) and fair value changes as of December 31, 2021. 5. At what amount will Tenner-UNF report its investment in the December 31, 2021, balance sheet? 6. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022, for $120 million. Prepare the journal entries to record the sale. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 to 4 Req S Req 6 How would this investment be classified on Tanner-UNF's balance sheet? Significant-influence Classification investments Req 2 to 4 >