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Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2018. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 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, 2018, was $210 million. Required: 1. How would this investment be classified on Tanner-UNF's balance sheet? 2. to 4. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018, interest on December 31, 2018, at the effective rate and fair value changes as of December 31, 2018. 5. At what amount will Tanner-UNF report its investment in the December 31, 2018, balance sheet? 6. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2019, for $190 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req 2 to 4 Req 1 Req 5 Req 6 How would this investment be classified on Tanner-UNF's balance sheet? Trading securities Classification Req 1 Req 2 to 4 Journal entry worksheet 3 1 2 Record Tanner-UNF's investment in the bonds on July 1, 2018. Note: Enter debits before credits. Event General Journal Debit Credit Investment in bonds 240.0 Discount on bond investment 40.0 Cash 200.0 Record entry Clear entry View general journal Journal entry worksheet 2 3 Record interest on December 31, 2018, at the effective (market) rate Note: Enter debits before credits Event General Journal Debit Credit Cash 2 7.2 Discount on bond investment 0.8 Interest revenue 8.0 View general journal Record entry Clear entry Journal entry worksheet 2 3 Record the entry to recognize fair value changes as of December 31, 2018 Note: Enter debits before credits. Event General Journal Debit Credit Fair value adjustment 3 30.0 Unrealized holding gain-NI 30.0 View general journal Record entry Clear entry At what amount will Tanner-UNF report its investment in the December 31, 2018, balance sheet? (Enter your answers in millions, (i.e., 10,000,000 shou ld be entered as 10).) 201 million Investment $ Req 2 to 4 Req 6 Journal entry worksheet