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Exercise 12-6 (Algo) Trading securities [L012-1, 12-3] the bonds In Its trading portf0110. The market Interest rate (Yleld) was 5% for bonds of smtlar nsk and matunty. Mills pard $320 monon for the bonds. The company Will recetve Interest semlonnually on June 30 and December 31. As a result of changng market Required: 1. & 2. Prepare the Journal entry to record Mllls Investment rn the bonds on July 1, 2024 end Interest on December 31.2024. at the effectlve (market) rate. 3. Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ended December 31, 2024. 4. Suppose Moody's bond rating agency upgraded the rlSk rating of the bonds, and Mllls decided to sell the Investment on January 2. Complete this question by entering your answers in the tabs below. Req I and 2 Req 3 Req 4 Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2025, for $330 million. Prepare the journal entnes required on the date of sale. Note: If no entry IS required for a transaction/event, select "NO journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers n millions rounded to I decimal place, (i.e., 5,500,000 should be entered as 5.5). Show less Journal entry worksheet 1 Prepare any journal entry needed to adjust the investment to fair value. Note; Enter debits before credits, bit General *Journal Date 33 0 Fair value adjustment January 02, 2025 Gan investment (unrealized A1) 34 0