Exercise 12-7 (Static) Various transactions relating to trading securities; financial statement effects [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 2024 and the first week of 2025. December 17, 2024 Purehased 100 Grocers' Supply Corporation bonds at par for $350,000. Decenber 28,2024 Received interest of $2,000 from the Grocers Supply corporation bonds. price of the bond was $4,000 per bond. January.5, 2025 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 2024 balance sheet and income statement as a result of this investment, Ignore income taxes. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 1. Prepare the appropriate journal 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 this investment. Ignore income taxes. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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