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Tanner UNF Corporation acquired as an investment $240 million of 5% bonds, dated July 1, on July 1, 2021 Company management is holding the bonds in its trading portfolio. The market interest rate lyield) was 6% for bonds of similar risk and maturity, Tanner-UNF pald $220 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 $225 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, ot the effective market) rate 3. Prepare any additional journal entry necessary for Tanner-UNF to 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 million Prepare the journal entries required on the date of sale. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Rego Reg 4 Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tonner-UNF to sell the investment on January 2, 2022, for $200 million. Prepare the journal entries required on the date of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account hield. Enter your answers in millions rounded to 1 decimal place, (..., 5,500,000 should be entered as 5,5).) Show less No Debit Credit 1 Date General Journal January 02, 2022 Loss on investment (unrealized, NI) Fair value adjustment

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