everything is correct i just need entry for 4 and 5.... and Required 2.
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 2021 and the first week of 2022. 2021 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. 2022 Jan. 5 sold 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 2021 balance sheet and income statement as a result of this investment. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 350,000 December 17, 202 Investment in bonds Cash 350,000 2 December 28, 2021 Cash 2,000 Interest revenue 2,000 3 50,000 December 31, 202 Fair value adjustment Gain on investments (unrealized, NI) 50,000 4 x 395,000 X January 05, 2022 Cash Fair value adjustment 32,500 X 5 January 05, 2022 Cash 90,000 X Fair value adjustment Journal entry worksheet Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits. Date General Journal Credit Debit 395,000 January 05, 2022 Cash Fair value adjustment 32,500 Record entry Clear entry View general journal 3 5 Sold the Grocers' Supply Corporation bonds for $395,000. Note: Enter debits before credits. Date General Journal Debit Credit January 05, 2022 Cash 90,000 Fair value adjustment Record entry Clear entry View general journal Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and income statement as a result of t investment Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and income statement as a result of this investment. Balance Sheet December 31, 2021 Current Assets Income Statement:
