Tannet-UNF Corporation acquired as a long-term Investment $260 millon of 7.0% bonds. dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until moturity. The market interest rate (yleid) was 9% for bonds of similar risk and maturity. Tanner-UNF pald $220.0 million for the bonds. The compony will recelve interest semisnnually on June 30 and Dece Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating. Tanner-UNF to sell the investment Requlred: 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 on lanuary 2, 2025, for $220.0 million. Prepare the joumal entry to record the sale. the effective (market rate Note: If no entry is required for a transactionvevent, seled "No journal entry required" in the first account field. Do not round 3. At what amount will Tanner-UNF report ins investment in the December 31,2024 , balance sheer? intermedizn 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motvating Tanner-UNF to sell the ifvestment on January 2, 2025, for $220.0 million. Prepare the journal entry to record the saie (x) Answer is not complete. Complete this question by entering your answers in the tabs below. 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. a transaction/event, select "No journal entry required" in the first account field. Do not round interined. Show less Complete this question by entering your answers in the tabs below. At what amount will Tanner-UNF report its investment in the December 31, 2024, balance sheet? Note: Enter your answer in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Do not round intermediate calculations