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Help Save&Exit Submit 0 Check my work Tanner-UNF Corpor interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $220 million

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Help Save&Exit Submit 0 Check my work Tanner-UNF Corpor interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $220 million for the bonds. The company will receive interest semiannually on June 30 and December 31. Company management has classified the bonds as available-for-sale investments. As a result of changing market conditions, the fair value of the bonds at December 31, 2018, was $230 million. ration acquired as a long term investment $260 millon of 6% bonds, dated July 1, on July 1, 2018, The market Required: journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018 and interest on December 31, 2018, at the effective (market) rate. ok re any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2018, balance sheet 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment es on January 2, 2019, for $200 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 Prepare the journal entry to record Tanner-UNF's 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 2 K Prev10 of 12 Score answer>

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