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Question - Tanner-UNF Corporation purchased as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. The company classified the bonds as "Trading". The market interest rate was 9% for bonds of similar risk and maturity. Tanner-UNF paid cash $160 million to purchase the bonds. The company will receive interest semiannually on June 30 and December 31. The fair value of the bonds at December 31, 2021, was $170 million.
Required -
1. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021.
2. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2021, balance sheet.
3. Tanner-UNF sold the investment on January 2, 2022, for $150 million. Prepare the journal entries required on the date of sale.
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