Tanner-UNF Corporation acquired as an investment $270 million of 8% bonds, dated Juy t, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate (vield) was 10% for bonds of slimilar risk and maturity. Tannor-UNF paid $230 million for the bonds. The company will receive interest semiannually on June 30 and December 31 . As a result of changing market concitions, the fair value of the bonds at December 31,2024 , was $240 milion. Required: 1. \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 3t, 2024, at the offective (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 Fanner-UNF to seil the imvestment on January 2.2025 , for $220 million. Prepare the journal entries required on the date of sole