Mills Corporation acquired as a long-term investment $280 million of 6% bonds, dated July 1 , on July 1,2024 . Company management has the 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 $330.0 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 , 2024 , was $320.0 million. Required: 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 its 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 $340 million. Prepare the journal entry to record the sale