Exercise 12-7 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. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2018 and the first week of 2019. eBook 2018 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. 28 Received interest of $2,800 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond. 2019 Jan. 5 sold the Grocers' Supply Corporation bonds for $395, eee. 000 Hint Print Required: 1. 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.) eferences View transaction list Journal entry worksheet 1 2 3 4 5 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. Note: Enter debits before credits. General Journal Debit Credit Date December 17, 2018 Record entry Clear entry View general Journal 2. Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment Balance Sheet (short-term investment): Income Statement