Tanner UNF Corporation acquired as a long-term investment $260 milion of 6% bonds, dated July 1 on July 1,2018. The market interest rte yeld was 8% for bonds of similar sk and maturity Tanne UNF paid $220 million forthe 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 $230 million. Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018 and interest on December 31, 2018, at the effective (market) rate 3Prepare 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 the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2019, for $200 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale