LWUIR Swed Help Save & Exit Submit 1 Check my work Tanner-UNF Corporation acquired as a long-term Investment $250 million of 4.0% bonds, dated July 1, on July 1.2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 7% for bonds of similar risk and maturity. Tanner-UNF paid $220.0 milion 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 $220.0 million. Book Hint 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. At what amount will Tanner-UNF 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 $200.0 million. Prepare the journal entry to record the sale. tences Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Prepare the journal entry to record Tanner-UNF's Investment in the bonds on July 1, 2021 and interest on December effective market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) Vlow transaction list View journal entry workahoet Mof 5 10 Next