Tanner-UNF Corporation acquired as an investment $220 million of 6% bonds, dated July 1, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $180 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, 2024, was $190 million. Required: 1. & 2. Prepare the journal entry to record Tanner-UNFs 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

Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits. Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits. Journal entry worksheet Record Tanner-UNF's investment in the bonds on July 1, 2024. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record any adjustment necessary to report the bond investment in the December 31, 2024 balance sheet. Note: Enter debits before credits