Mills Corporation acquired as a long-term investment $225 million of 8% bonds, dated July 1, on July 1, 2024, Company manogement has the positive intent and ablity to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mils paid $250.0 mililion for the bonds. The company will recelve interest semlannunlly on June 30 and December 31 , As a result of changing market conditions, the fair value of the bonds at December 31,2024 , was $240.0mallon. Required: 1. \& 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. 3. At what amount wili Mils report its investment in the December 31, 2024, balance sheet? 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Milis decided to sell the investment on Jenuary 2 . 2025, for $266 million. Prepare the journal entry to record the sale