Tanner-UNF Corporation acquired as a long-term Investment $250 million of 5,0% 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 7% for bonds of similar risk and maturty, Tanner-UNF paid $2100 million for the bonds The company will recelve 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 $2200 million Required: 1.8 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 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 $200.0 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req and 2 Ruga Reg4 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 ls recured for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place. (5.500.000 should be entered as 5.5)) View transactionat Journal entry worksheet Record Tanner-UNP's investment in the bands on July 1 2021, General Journal Debit Coedit July 1 2021 Cash Discount on bond Prev Next > points Tanner-UNF Corporation acquired as a long-term investment $250 million of 5.0% 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 Vield was 7% for bonds of . and December 31 As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $2200 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, et the effective market) rate. 2. 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 nisk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022 for $2000 millon. Prepare the journal entry to record the sale. CD Complete this question by entering your answers in the tabs below. Pestand Reg Red a At what amount will Tenner-UNF report its investment in the December 31, 2021. balance sheet? (Enter your answer in millions rounded to 1 decimal place, tie. 5 500,000 should be intered 5.5 milion ( Req 1 and 2 Reg4 > 100 Net Tanner UNF Corporation acquired as a long term trivestment $250 million of 5.0% 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 7% for bonds of Similar risk and maturity. Tanner-UNF paid $210,0 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 $2200 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 3. At what amount wil Tanner-UJNF 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 col the investment on January 2, 2022 for $200,0 million. Prepare the journal entiy to record the sale. Complete this question by entering your answers in the tabs below. Rey 1 and 2 Req3 Reg4 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 $200.0 million. Prepare the journal entry to record the sale. If no entry is required for a transaction/event, select "No Journal entry required in the first account feld. Enter your answers to million rounded to 1 decimal place le 5.500.000 should be entered as 5.5)) Viuw ranacional Journal entry worksheet 2 Prepare any journal entry needed to adjust the investment to fair value General Journal Dobit Credit Date January 02, 2022
