Business, 18.01.2021 14:00 jeronimo18

Tanner-UNF Corporation acquired as a long-term investment $170 million of 6.0% bonds, dated July 1, on July 1, 2018. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $140.0 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, 2018, was $150.0 million. Required:
a. How would this investment be classified on Tanner-UNF's balance sheet?
b. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2018.

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Tanner-UNF Corporation acquired as a long-term investment $170 million of 6.0% bonds, dated July 1,...

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