Help Save & ExitSubmit 8 2 Check my work Mills Corporation acquired as a long-term investment $220 million of should account for the bonds as an available-for-sale investment. The market interest rate (yield) was 4% for bonds of similar risk and maturity. Mills paid $260 million for the bonds. The company will receive interest semiannually on June 3 result of changing market conditions, the fair value of the bonds at December 31, 2018, was $240 million. 6% bonds, dated July 1, on July 1, 2018, Mills determined that it 0 and December 31. As a oints Required: 020749 1. & 2. Prepare the journal entry to record Mills investment in the bonds on July 1, 2018 and interest on December 31, ills' investment in the bonds on July 1, 2018 and interest on December 31, 2018, at the effective (market) rate 3. At what amount will Mills report its investment in the December 31, 2018, balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mils decided to sell the investment on January 2 2019, for $272 million. Prepare the journal entries to record the sale. Sklpped Complete this question by entering your answers in the tabs below Print References Req 1 and 2 Req3 Req 4 Prepare the journal entry to record Mills' investment in the bonds on July 1, 2018 and interest on December 31, 2018, 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).) View transaction list Journal entry worksheet olent I the bonds on July 1, 2018 and interest on December 31, 2018 effective (market) rate. 3. At what amount will Mills report its investment in the December 31, 2018, balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on 2019, for $272 million. Prepare the journal entries to record the sale Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 At what amount will Mills report its investment in the December 31, 2018, balance sheet? (Enter your answer in millions rounded to 1 decimal place, (i.e. 5,500,000 should be entered as 5.5).) Investment million Req 1 and 2 Req 4> 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 upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2019, for $272 million. Prepare the journal entries to record the sale. (If no entry is required for a transaction/event required in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered a :45 ed Show less ok View transaction list nces 1 Record the fair-value adjustment. 2 Record any reclassification adjustment. 3 Record the sale of the investment by Mills Credit