Exercise 12-5 (Algo) Trading securities [LO12-1, 12-3] Tanner-UNF Corporation acquired as an investment $220 million of 6% bonds, dated July 1 , on July 1 , 2021. Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $180 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 $190 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. 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 $170 million. Prepare the journal entries required on the date of sale. 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. (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).) Complete this question by entering your answers in the tabs below. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31,2021 , balance sheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter yo answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits. Journal entry worksheet Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits