Exercise 12-7 (Algo) Various transactions relating to trading securities (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 2021 and the first week of 2022 2021 Dec. 17 Purchased 155 Grocers Supply Corporation bonds at par for $542,500 28 Received interest of $4,200 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 3a. 5 sold the Grocers' Supply Corporation bonds for $604,500. Required: 1. Prepare the appropriate journal entry or entries for each transaction 2. Indicate any amounts that Rantzow-Lear Company would repo in its 2021 balance sheet and income statement as a result of this investment Complete this question by entering your answers in the tabs below. Required 1 Required 2 Check my 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.) View transaction list Journal entry worksheet 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: