Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2021 Company management has classified the bonds as an available for sale investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 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 $210 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. Prepare any additional Journal entry necessary for Tanner UNF to 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 $190 million. Prepare the journal entries necessary to record the sale, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale Answer is not complete. co SHU e meredas. Show less No Date General Journal Debit Credit 1 20.0 January 02, 2022 Loss on investment (unrealized, NI) Fair value adjustment > 20.0 2 190.0 January 02, 2022 Cash Discount on bond investment Fair value adjustment Loss on investment (NI) 39.2 X 10.8 % 240.0 View transaction list Journal entry worksheet Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2022