10 med chp 12 exercise

help with the retained earnings

Rantzow-Lear Company buys and sells debt securitles expecting to earn profits on short-term differences in price, and holds these investments in its trading portfolio. The company's fiscal year ends on December 31 . The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2024 and the first week of 2025. Decenber 17, 2024 Purchased 190 Grocers' Supply Corporation bonds at par for \$475,009. Decenber 28, 2024 Received interest of $,600 from the Grocers' Supply Corporation bonds. Decenber 31, 2024 Recorded any necessary adjusting entcy relating to the Grocer's' Supply corporation bonds. The market price of the bond uas 53 , e0e per bond. January 5, 2025 sold the Grocers' Supply Corporation bonds for $541,500. Required: 1. Prepare the appropriate journal entry or entries for each transaction 2. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income taxes. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income taxes