Exercise 12-7 (Algo) Various transactions relating to trading securities; financial statement effects [LO12-1, 12-3] 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 portfol. 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, 2824 Purchased 175 Grocers' Supply corporation bonds at par for \$612,500. December 28,2824 Received interest of $5,000 from the Grocers' Supply corporation bonds. December 31, 2824 Recorded any necessary adjusting entry relating to the Grocers' Supply corporation bonds. The market price of the bond was $4,000 per bond. January 5, 2825 Sold the Grocers' Supply Corporation bonds for $665,080. Required: 1. Prepare the approprlate journal entry or entrles 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. 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