Mills Corporation acquired as a long-term investment $240,000 of 6% 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 8% for bonds of similar risk and maturity. Mills paid $200,000 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 $210,000. Suppose Moodys bond rating agency downgraded the risk rating of the bonds motivating Mills to sell the investment on January 2, 2022, for $190,000. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. Required: Prepare the 2021 journal entries (if necessary) to record: Millss investment in the bonds on July 1, 2021 Interest on December 31, 2021, at the effective (market) rate. Fair value adjustment at year end Prepare the 2022 journal entries necessary to record the sale. If necessary, include: Updating the fair-value adjustment, Recording any reclassification adjustment, Recording the sale Report its investment in the December 31, 2021, financial statements