Mills Corporation acquired as a long-term investment $225 million of 8% 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 6% for bonds of similar risk and maturity. Mills paid $250.0 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 31,2021 , was $240.0 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. Journal entry worksheet Record Mill's investment in the bonds on July 1, 2021. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits