Tanner-UNF Corporation acquired as a long-term investment $170 million of 6.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $140.0 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, 2021, was $150.0 million Required: 1. & 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate. 3. At what amount will Tanner-UNF report its investment in the December 31, 2021, 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, 2022, for $120.0 million. Prepare the journal entry to record the sale. Return to qui Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 Reg 4 Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) No Date General Journal Debit Credit July 01, 2021 170.0 Investment in bonds Discount on bond investment Cash 30.0 140.0 2 December 31, 202 Cash Discount on bond investment Interest revenue O Roland 2 Req3 > 021, balance sheet? 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investme January 2, 2022, for $120.0 million. Prepare the journal entry to record the sale. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 At what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet? (Enter your answer in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) Investment million