Mills Corporation acquired as a long-term investment $230 million of 8% bonds, dated July 1, on July 1, 2021 Company management has classified the bonds as an available-for-sale investment. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $260 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 $250 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 Mills 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 sell the investment on January 2, 2022, for $270 million Prepare the journal entries required on the date of sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 21 Req 3 Reg 4 At what amount will Mills report its investment in the December 31, 2021, balance sheet? Investment S 230 million