I need help with REQ 3,4. please help me!

Chrome File Edit View History Bookmarks People Tab Window Help 4 8 7 100% 27 Thu 6:45 PM Q ... Connect X *Homework Help - Q&A from Or x + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-gro... Chapter 12 i Saved Help Save & Exit Submit Check my work 2 Mills Corporation acquired as an investment $240 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 4% for bonds of similar risk and maturity. Mills paid $280 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market 10 conditions, the fair value of the bonds at December 31, 2021, was $270 million. points 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 eBook effective (market) rate Hint 3. Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ended December 31, 2021. 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, Print 2022, for $290 million. Prepare the journal entries required on the date of sale. References Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 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 $290 million. Prepare the journal entries required on the date of sale. (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).) Show lessA View transaction list View journal entry worksheet No Date General Journal Debit Credit January 02, I Al TennenAtion DanARAN Mc Grav Hill JUN 1 25 S