9 chp 12 med exercises

Journal entry worksheet Received interest of $5,600 from the Grocers' Supply Corporation bonds. Note: Enter debits before credits. Journal entry worksheet 5 Record any necessary adjusting entry relating to the Grocers' Supply Corporation bonds on December 31 . The market price of the bonds was $3,000 per bond. Note: Enter debits before credits. Journal entry worksheet 23 Sold the Grocers' Supply Corporation bonds for $541,500. Note: Enter debits before credits. Journal entry worksheet Purchased 190 Grocers' Supply Corporation bonds at par for $475,000. Note: Enter debits before credits. Journal entry worksheet Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits. 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. Deceeber 17, 2024 Purchased 190 Grocers' Supply Corporation bonds at par for \$475,000. December 28, 2024 Received interest of 55,600 from the Grocers' Supply Corporation bonds. Decenber 31, 2024 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $3,000 per bend. January 5, 2025 Sold the Grocers' Supply Corporation bonds for \$541,500. Required: 1. Prepare the appropriate joumal 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