Problem 12-4 (Algo) Fair value option; bond investment; effective interest; financial statement effects [LO12-1, 12-2, 12-4, 12-8] Fuzzy Monkey Technologles. Incorporated purchased as a long-term Investment $240 mllllon of 6% bonds, dated January 1, on January 1, 2024. Management intends to have the investment available for sale when circumstances warrant. When the company purchased the bonds, management elected to account for them under the fair value option. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $219 million. Interest is recelved semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31,2024 , was $230 million. Required: 1. to 3. Prepare the relevant joumal entries on the respective dates (record the interest at the effective rate). 4-a. At what amount will Fuzzy Monkey report its investment in the December 31, 2024, balance sheet? 4-b. Prepare the journal entry necessary to achieve this reporting objective. 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this Investment assuming Fuzzy anticlpates holding these investments for a sufficiently long period? (If more than one approach is possible, indicate the one that is most likely.) Complete this question by entering your answers in the tabs below. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 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 in millions rounded to 2 decimal places, (i.e., 5,500,000 should be entered as 5.50 )