only do Req 4 (1,2 &3)

Check my work 6 Req 1 and 2 Req 3 Req 4 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 $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording 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 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) 10 points Show less A View transaction list eBook Journal entry worksheet Print 1 2 > References Record the entry for fair-value adjustment, AFS investment. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Saved Help Save & Exi Check Req 1 and 2 Req 3 Reg 4 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 $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording 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 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) 10 points Show less A View transaction list eBook Journal entry worksheet Print K References Record the entry for reclassification adjustment Note: Enter debits before credits Event General Journal Debit Credit 2 Clear entry View general journal Record entry 6 Check my work Req 1 and 2 Req 3 Req 4 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 $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording 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 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) 10 points Show less & View transaction list eBook Journal entry worksheet Print K 1 2 References Record the sale of the investment by Tanner-UNF Note: Enter debits before credits Event General Journal Debit Credit 3 View genaral journal Record entry Clear entry Mc Chapter 12 Saved Help Save & Exit Submit Check my work Tanner-UNF Corporation acquired as a long-term investment $260 million of 5% bonds, dated July 1, on July 1, 2018. The market interest rate (yield) was 7 % for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company will receive interest semiannually on June 30 and December 31. Company management has classified the bonds as available-for-sale investments. As a result of changing market conditions, the fair value of the bonds at December 31, 2018, was $215 million. 10 points Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018 and interest on December 31, 2018, at the effective (market) rate. 3. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2018, balance sheet. 4. 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 $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. eBook Print Complete this questiorn by entering your answers in the tabs below. References Req 1 and 2 Req 3 Req 4 Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell theinvestment on January 2, 2019, for $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. (If no enitry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions rounded to 1 decimal place, (Le., 5,500,000 should be entered as 5.5).) Show less A View transaction list Journal entry worksheet 1 2 Prev 6 of 13 Next >