Mills Corporation acquired as a long-term investment $240 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 $280.0 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 $265.0 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. 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 $292 million. Prepare the journal entry to record the sale. 9 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Req 4 Req 1 and 2 Req3 Reg 4 Prepare the journal entry to record Mills'investment in the bonds on July 1, 2021 and interest on December 31, 2021, (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiele answers in millions rounded to 1 decimal place, (t.e, 5,500,000 should be entered as 5.5).) View transaction list 18:38 Journal entry worksheet ed BB Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 At what amount will Mills report its investment in the December 31, 2021, balance sheet? (Enter your answer in millions rounded to 1 decimal place, (.e., 5,500,000 should be entered as 5.5).) Investment million 3:19 ed Req 1 and 2 Req3 Reg 4 10 Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on for $292 million. Preppe the journal entry to record the sale. (If no entry is required for a transaction/event, select "No required" in the first count field. Enter your answers in millions rounded to 1 decimal place, (1.0, 5,500,000 should be 5.5).) 15 points 8 02:47:53 View transaction list Skipped Journal entry worksheet > SUMMER www. Duur 5.5).) 10 View transaction list Journal entry worksheet Es kipped Record the sale the investment by Mills. Note: Enter debits before credits General Journal Debit Credit Date January 02 2022