Tanner-UNF Corporation acquired as an investment $240 million of 5% bonds, dated July 1, on July 1, 2024. Company management is holding the bands in its trading portfolio The market interest rate yield) was 6% for bonds of similar risk and maturity Tanner-UNF paid $220 million for the bonds. The company wil receive interest semternuaty on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2024, was $225 million Required: 1. & 2. Prepare the journal entry to record Tanner UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market rate 3. Prepare any additional journal entry necessary for Tanner UNF to report its investment in the December 31, 2024, balance sheet 4. Suppose Moody's bond rating agency downgraded the risk rating of the bands motivating Tanner-UNF to sell the investment on January 2, 2025, for $200 milion Prepare the journal entries required on the date of sale Complete this question by entering your answers in the tabs below. Req 1 and 2 Prepare the journal entry to recent Tanner's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. Note: If no entry is required for transaction/event, select " journal entry required in the first account field. Do not round intermediate calculations. Enter your answers in millons rounded to 1 decimal place, (14.5.500.000 should be entered as 5.3). Show less View Transaction Bat View journal entry worksheet No General Journal Date July 01, 2024 sent in beds Cash Discount on band immant Req 1 and 2 Req3 >> Debit Credit 240,0