Mills Corporation acquired as a long-term investment $300 million of 7% 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 5% for bonds of similar risk and maturity. Mills paid $340.0 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 $320.0 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 $352 million. Prepare the journal entry to record the sale. Journal entry worksheet Record Mill's investment in the bonds on July 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2021 Record entry Clear entry View general journal Journal entry worksheet