Mirs Corporation acquired as an imvestment 5260 million of 6% bonds, dated hily 1 , on Juty 1 , 2021 . Compary management is hoiding the bonds in its trading portfolso. The market interest rate (yield) was 4% for bonds of similar risk and matiarty Mits paid $300 million for the bond5. The comparyy will receive interest semiannually on June 30 and December 31 . As a fesult of changing marked conditions, the fair value of the bonds at December 31.2021, was $280 million. Required: 1. \& 2. Prepare the journal entry to record Mills" investment in the bonds on July 1,2021 and interest on Decenber 31,2021, at the effective (marices) rate. 3. Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ended December 31, 2021 . 4. Suppose Moocy's bond rating agency upgraded the risk rating of the bonds, and Misis decided to sell the investment on laniary 2. 2022, for 5314 milion. Prepare the journal entries required or the date of sale Complete this quatstion by entaring your answers in the tabs below. Prepare the joumal entry to record Mals" investment in the bonds on 3 aly 1,2021 and interest on Deceenber 31 , 2021 , at the effective (market) rate. (If no eniry is required for a transaction/event, belect "Fo journal entry required" in the first account field. Enter your answers in imilions rounded to 1 decimal place, (i.e.5 5,500,000 should be entered as 5,5),} ) Prepare the journal entry to record Mils' investment in the bonds on July 1,2021 and interest on December 31 , 2021 , at the effective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first accotant field. Enter your answors in milfions rounded to 1 decimal place, ( dec. 45,500,000 should be entered as 5.5) ). Journal entry worksheet Record Mitls" imvestment in the bonds on July 1,2021. Note: Enter debits before credits. Prepire the journal entry to record Milks ifvestment in the bonds on huly 1,2021 and interest on December 31 , 2021 , at the effectiv akmers in millions rounded to 1 dedimat place, (i.e. 5,500,000 should be entered as 5.5 ). ) Journal entry worksheet Propare the journal entry by Mills to record any fair value adjustment necesery for the year ended December 31,2021 . (it no entry in required for a transactionfevent, select "No journal entry fequired in the first account field. Enter your answers in millions roended fo i. decimal place, (1.e., 5,500,000 should be enterod as 5.5). Journal entry worksheet Prepare any journal entry needed to adjust the investment to fair value. Notel Enter debits before credit. Suppore Moody's bond rating agency upgradod the risk rating of the bonds, and Millo decised to sell the investment on january 2 . 2022. for $314 meilion. Prepare the joumal entries required on the date of sale. (af no entry in required for a transactionfevent, selfect "Fo fio journal ontry roquired" in the first account field. Enter your answers in millions rounded to 1 deciral piace, (i.es, 5 , soo, 000 should be ritered as 5.5). ow lessin Journal entry worksheet 2 Prepare-ary journal entry needed to anjust the investracot to fair value. Woket Eiter or blt befare credots. Suppose Moody's bond rating agency upgrabed the risk rating of the bonde, and Miles decided to sell the investanent an lanuzry 2 , 2022 . for $314 million. Prepare the journal entries roquirod on the date of sale. (If no entry is required for a transactionfevert, select "ito fournal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.es, 5 , soo, ioo sheeld be entered ats.5).) Lhow Iessa Journal entry worksheet Record the sale of the investment by Mills. Fivei finter debis before credits