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Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3
Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 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 $220 million. Prepare the journal entries required on the date of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) 1 No Date General Journal January 02, 2022 Loss on investment (unrealized, NI) Fair value adjustment 2 January 02, 2022 Cash Fair value adjustment Discount on bond investment Investment in bonds < Req 3 Req 4 > Debit Credit 20.0 20.0 220.0 10.1 x 39.9 270.0 Show less
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