9 med chp 12 exercises

Rantzow-Lear Company buys and sells debt securities expecting to eam profits on short-term differences in price, and holds these investments in its trading poitfolio. 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 December 17, 2024 Purchased 190 Grocers' Supply Corporation bonds at par foe \$475,000. Decenter 28, 2024 kecelved interest of $5,600 from the Grocers' supply Corporation bonds. December 31, 2024 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The warket price of the bond was $3,000 per bond. Jenuary 5, 2025 -Sold the Grocers' Supply Corperation bonds for 3541,500. 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 resuit 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