Answer:
Journal Entries are given below
Explanation:
                         Mills Corporation-journal Entries    
Date      Particulars                    Debit (In Miln)         Credit (in Mln)
01-Jul-21  Bond Investment      	$290.00  
  Investment premium                     $50.00  
  Cash                                                                                $340.00  
Investment recorded
31-Dec-21	Cash     ($290 * 8% * 6/12)	$11.60  
                Premium bond investment                                   $1.40  
              Interest revenue ($340*6%*6/12)                          $10.20  
Revenue recognized for bond interest and amortization of discount.
31-Dec-21  Unrealized holding gain or loss  $8.60 
          Fair value adjustment ($340 - $330 - $1.40)              $8.60  
investment recorded at fair value.
02-Jan-19	Fair value adjustment Dr	$8.60  
                 Reclassification adjustment -                              $8.60  
Fair value adjustment at the time of sale
02-Jan-19	Cash                                     $290.00  
          Loss on sale of investment        $48.60
                 bond investment premium                               $48.60  
          Investment in Bond                                                 $290.00
Sale of investment.