Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 5 Mills Corporation acquired as a long-term investment $280 million of 6% bonds, dated July 1, on July 1, 2021. Company management has classified the bonds as an available for sale investment. The market interest rate lyield) was 4% for bonds of similar risk and maturity. Mills paid $330 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 $320 million Required: 1. & 2. Prepare the journal entry to record Mills investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective market) rate. 3. At what amount will Mills report its investment in the December 31, 2021, 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, 2022 for $340 million. Prepare the journal entries required on the date of sale