Mills Corporation acquired as a long term investment $260 million of 5% bonds, dated July on July 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate lyield) was 3% for bonds of similar risk and maturity. Mills paid $3000 million for the bonds. The company will receive interest semiannually on June 30 and December 31 As * result of changing market conditions, the fair value of the bonds at December 31 2021, was 52800 million 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 effective market rate 3. At what amount will Mils report its investment in the December 31, 2021, balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to set the investment on January 2 2022 for $315 million. Prepare the journal entry to record the sale Complete this question by entering your answers in the tabs below. Region Rega At what amount wil is report its investment in the December 31, 2021, balance sheet? {Enter your answer in min rounded to 1 decimal place ... 5,500,000 should be entered as 55)