Exercise 12-1 (Algo) Securities held-to-maturity; bond investment; effective interest, discount [LO12-1] Tanner-UNF Corporation acquired as a long-term investment $360 milion of 7.0% bonds, dated July 1 , on July 1 , 2021. Company management has the positive intent and abiity to hold the bonds until maturity. The market inter rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $320.0 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 $330.0 million. Required: 1. \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate. 3. At what amount will Tanner-UNF 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 $310.0 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31 , : effective (market) rate. (If no entry is required for a transoction/event, select "No journal entry requlred" in the Girst accio your answers in millions rounded to 1 decimal place, (L.e., 5,500,000 should be entered as 5.5 ).) Journal entry worksheet 2 Record Tanner-UNF's investment in the bonds on July 1,2021. fote. Enter debits before credits