Mills Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2018, Company management has positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 4% for bonds of similar risk and maturity. Mills paid $280 million for the bonds. The company will recelve interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2018, was $270 million Required: 1. & 2. Prepare the journal entry to record Mills: investment in the bonds on July 1. 2018 and interest on December 31. 2018, at the effective (market) rate 3. At what amount wll Mils eport ts investment in the December 31. 2018, belance sheet? Moody's bond rating agency upgraded the risk rating of the bonds, and Mlls decided to sell the investment on January 2, 2019. for $290 million. Prepare the journal entry to record the sale