Need hekp with Requirement 6 only

Tanner-UNF Corporation acquired as a long-term investment $160 million of 5% bonds, dated July 1, on July 1, 2018, Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $130 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, 2018, was $140 million Required: 1. How would this investment be classified on Tanner-UNF's balance sheet? 2. to 4. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018, interest on December 31, 2018, at the effective rate and fair value changes as of December 31, 2018 5. At what amount will Tanner-UNF report its investment in the December 31, 2018, balance sheet? 6. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2019, for $110 million. Prepare the journal entry to record the sale Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 2 to4 Req 5 Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2019, for $110 million. Prepare the journal entry to record the sale. (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 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Show less General Journal Credit Event Debit Fair value adjustment 110.00 Unrealized holding gain-OC 110.00 110.00 21.20 28.80 Cash Gain on sale of investments Discount on bond investment 160.00 Investment in bonds