Mills Corporation acquired as an investment $230 million of 8% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Mills paid $260 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 $250 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. Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ended December 31, 2021. 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 $270 million. Prepare the journal entries required on the date of sale. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 Reg 4 Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits, General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal