Tanner- UNF corporation acquired a long-term investment $250 million of 8% bonds, dated July 1, 2018, on July 1,2018. The market interest rate (yield) was 10% for bonds of similar risk and maturity. Tanner-UNF paid $210 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 220 million. Required : 1 and 2 . prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 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 thr risk rating of the bonds motivating tanner UNF to sell the investment on january 2,2019 for 200 million. prepare the journal entry necessary to record the sale, including updated the fair value adjustment , recording any reclasification adjustment ad recording the sale.

Explain Please.