Tanner-UNF Corporation acquired as an investment $260 million of 5% bonds, dated July 1, on July 1, 2024, Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 7% for bonds of similar risk and maturity. Tanner-UNF pald $200 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 , 2024, was $215 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 bonds motivating Tanner-UNF to sell the investment on January 2, 2025, for $190 million. Prepare the journal entries required on the date of sale