Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1,2024 , Company management is holding the bonds in its trading portfolio. The market interest tate (yleld) was 595 for bonds of simidar tisk and maturity. Mills paid 5240 milion for the bonds. Tho company will recelve interest semiannually on June 30 and December 31 . Asa result of changing market conditions, the fair value of the bonds at Decembet 31, 2024, was $210 milion. Required: 1. 8 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. Prepare the journal entry by Milis to record any fair value adjustment necessary for the year enced December 31 , 2024. 4. Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mils decided to sell the investment on January 2 . 2025, for $250 million. Prepare the jotmal entries required on the date of sole. Complete this question by entering your answers in the tabs below. 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. Note: If no entry is required for a transaction/event, select "No journat entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (i,6.,5,500,000 should be entered as 5.5)