Mills Corporation acquired as a long$-$term investment $$200$ million of $7\%$ bonds, dated July $1,$ on July $1,2024.$ Company management

has the positive intent and ability to hold the bonds until maturity. The market interest rate $($yield$)$ was $5\%$ for bonds of similar risk and

maturity. Mills paid $$240\mathrm{.}0$ 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 $31,2024,$ was $$210\mathrm{.}0$ million.

Required:

& $2.$ Prepare the journal entry to record Mills' investment in the bonds on July $1,2024$ and interest on December $31,2024,$ at the

effective $($market$)$ rate.

At what amount will Mills report its investment in the December $31,2024,$ balance sheet?

Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January $2,$

$2025,$ for $$250$ million. Prepare the journal entry to record the sale.

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At what amount will Mills report its investment in the December $31,2024,$ balance sheet?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $1$ decimal place, $($i$.$e$.,5,500,000$

should be entered as $5\mathrm{.}5).$ Tanner$-$UNF Corporation acquired as a long$-$term investment $ $290$ million of $8$