7. Hotum toquestion Exercise 12-5 (Algo) Trading securities (L012-1, 12-3] Tanner-UNF Corporation acquired as an investment $240 million of % bonds dated July 1. on July 1 2021 Company management is holding the bands in its trading portfolio. The market interest rate yield) was 10% for bonds of similar risk and maturity Tanner UNF paid $200 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 $210 milion Required: 1. & 2. Prepare the journal entry to record Tanner-UNF Investment in the bonds on July 1, 2021 and interest on December 31, 2021, the effective market rate. 3. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2021, balance sheet 4. 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 $180 million. Prepare the journal entries required on the date of sale Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg Peg 4 Prepare the journal entry to record Tanner-UN investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective market) rate. If no entry is required for a transaction/event, select yournal entry recured in the intact Held Enter your answers in millions rounded to 1 decimal C. 5,500,000 should be wind 5:53 NA Dale General Journal July 01, 2021 Investment in bonds 24000 Dount on bond investment 100