Tanner$-$UNF Corporation acquired as a long$-$term investment $$280$ million of $6\mathrm{.}0\%$ bonds, dated July $1,$ on July $1,2024$ Company management has the positive intent ond ability to hold the bonds until maturity The market interest rate $($yield$)$ was $8\%$ for boncls of similer risk and maturity. Tenner$-$UNF paid $$2500$ million for the bonds. The company will receive interest semiannually on June $30$ and December $31.$ As a result of changng market conditions, the fair value of the bonds at December $31,2024,$ was $$260\mathrm{.}0$ million.

Required:

$82.$ Prepare the journal entry to record Tanner$-$UNF's imvestment in the bonds on July $1,2024$ and interest on December $31,2024,$ ot the effective $($market$)$ rate

At what amount will Tanner$-$UNF report ins investment in the December $31,2024,$ balance sheet?

Suppose Moody's bond rating agency downgreded the risk rating of the bonds motivating Tanner$-$Unf to sell the investrient on January $2,2025,$ for $$2400$ million. Prepare the journal entry to record the sale.

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