Mills Corp. acquired as a long-term investment $240 million of 6% bonds, dated Jul 1, on July 1,2018. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 4% for bonds of similar risk and maturity. Mills paid $280 million for these bonds. The company will receive interest semiannually on June 30 and Decemeber 31. As a result of changing market conditions, the fair value of the bonds at December 31,2018, was $270 million. 1. prepare the journal entry to record Mills' investement in the bonds on July 1,2018 and record the interest on December 31,2018 at the effective (market) rate. At what amount will Mills report its investment in the December 31,2018 balance sheet? What if Mills decided to sell the investment on January 2,2019 for $290 million?