Bonds to account for purchase and for discret.-Ro ant 37.2 Assignment View Award: 166 points Mills Corporation acquired as a long term istment 240 million of should account for the bonds as an available for sale investment. The market interest ont $240 million of 6% bonds. dated July 1. on July 1, 2018. Mills determined that it bonds, dated Jy o r bonds of sin maturity. Mills paid $280 million for the bonds. The company will receive interes of changing market conditions, the fair value of the bonds December 31, 2018, was mpany will receive interest semiannually on June 30 and December 31. As a res Required: 1. & 2. Prepare the journal entry to record Mills effective markt entry to record Mills'investment in the bonds on July 1. 2018 and interest on December 31, 2018, at the 3. At what amount will Mills report its investment in the December 31, 2018, balance sheet? suppose Moody's bond rating agency ungraded the risk ratio of the bends and Muls decided to sell the investment on January 2 2019, for $290 million. Prepare the journal entries to record the sale Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 At what amount will Mills report its investment in the December 31, 2018, balance sheet? (Enter your answer in millor rounded to 1 decimal place. (.e., 5.500,000 should be entered as 5.5).) Investment million rov 09_13_2017_OC_CS-98539, 09_21_2017_QC_CS-100264. 11_21_2017_OC_CS-109973.09_10_2019 00 CS-17 References 280-240-40) General Journal Learning Objective: 12-01 Describe the key characteristics of a debt investment and demonstrate