Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2,2025 , for $230 million. Prepare the journal entries to record the 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 in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Show less Journal entry worksheet Record the entry to adjust to fair value on the date of sale. Note: Enter debits before credits. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1,2024 , interest on December 31 , 2024 , at the effective (market) rate, and fair value changes as of December 31, 2024. 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., 5,50,000 should be entered as 5.50). Journal entry worksheet Record interest on December 31, 2024, at the effective (market) rate. Note: Enter debits before credits. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1,2024 , interest on December 31 , 2024 , at the effective (market) rate, and fair value changes as of December 31, 2024. 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., 5,50,000 should be entered as 5.50). Journal entry worksheet Record the entry to recognize fair value changes as of December 31, 2024. Note: Enter debits before credits. Tanner-UNF Corporation acquired as a long-term investment $270 million of 8% bonds, dated July 1 , on July 1,2024 . 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 10% for bonds of similar risk and maturity. Tanner-UNF paid $240 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 31,2024 , was $250 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, 2024, interest on December 31, 2024, at the effective (market) rate, and fair value changes as of December 31, 2024. 5. At what amount will Tanner-UNF report its investment in the December 31, 2024, 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, 2025, for $230 million. Prepare the journal entries to record the sale. Complete this question by entering your answers in the tabs below. How would this investment be classified on Tanner-UNF's balance sheet? Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2,2025 , for $230 million. Prepare the journal entries to record the 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 in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Show less Journal entry worksheet Record the sale of the bonds on January 2, 2025. Note: Enter debits before credits. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1,2024, interest on December 31,2024 , at the effective (market) rate, and fair value changes as of December 31, 2024. 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., 5,50,000 should be entered as 5.50). Journal entry worksheet Record Tanner-UNF's investment in the bonds on July 1, 2024. Note: Enter debits before credits. Tanner-UNF Corporation acquired as a long-term investment $270 million of 8% bonds, dated July 1 , on July 1 , 2024. 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 10% for bonds of similar risk and maturity. Tanner-UNF paid $240 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 31,2024 , was $250 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, 2024, interest on December 31, 2024, at the effective (market) rate, and fair value changes as of December 31, 2024. 5. At what amount will Tanner-UNF report its investment in the December 31, 2024, 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, 2025, for $230 million. Prepare the journal entries to record the sale. Complete this question by entering your answers in the tabs below. At what amount will Tanner-UNF report its investment in the December 31,2024, balance sheet? Note: Enter your answer in millions, (i.e., 10,000,000 should be entered as 10)