12.3 please help
Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Received interest of $2,000 from the Grocers' Supply Corporation bonds. Note: Enter debits before credits. Exercise 12-7 (Static) Various transactions relating to trading securities; financial statement effects [LO12-1, 12-3] Rantzow-Lear Company buys and sells debt securities 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 100 Groeera' Supply Corporation bonds at par for $350,000. Decenber 28, 2024 received interest of $2,000 from the Grocers' supply Corporation bonds. December 31; 2024 recorded any necessary adjusting entry relating to the Grocers' supply Corporation bonds. The market. price of the bond was $4,000 per bond. Janary 5, 2025 5old the Grocers' Supply Corporation bonds for $395,000. 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. Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. 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. Complete this question by entering your answers in the tabs below. 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. Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits: Journal entry worksheet 5 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. Note: Enter debits before credits. Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account Journal entry worksheet Sold the Grocers' Supply Corporation bonds for $395,000. Note: Enter debits before credits
