Mills Corporation acquired as a long-term Investment $260 million of 6% bonds, dated July 1, on July 1, 2024. Company management. has classified the bonds as an avaliable-for-sale Investment. The market Interest rate (yleld) was 4% for bonds of similiar risk and maturity. Mills paid $300 million for the bonds. The company will receive interest semrannually on June 30 and December 31 . As a result of changing market conditions, the fair value of the bonds at December 31,2024 , was $280 million. Requlred: 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 will Mills report ins investment in the December 31, 2024, 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 . 2025 , for $314 million. Prepare the joumal entrles required on the date of sale. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record Mills' investment in the bonds on July 1,2024 and interest on December 31, 2024, at the effective (market) rate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5,5). At what amount will Mills report its investment in the December 31,2024 , balance sheet? Note: Do not round intermediate calculations. Enter your answer in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2025, for 5314 million. Prepare the joumal entries required on the date of sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5)