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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 200 Grocers' Supply Corporation bonds at par for $500,000. 28 Received interest of $6,000 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 $3,000 per bond. 2022 Jan. 5 sold the Grocers' Supply Corporation bonds for $560,000. 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. Complete this question by entering your answers in the tabs below. Required 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.) Show less View transaction list Journal entry worksheet Record any necessary adjusting entry relating to the Grocers' Supply Corporation bonds on December 31. The market price of the bonds was $3,000 per bond. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry View general journal Clear entry 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 200 Grocers' Supply Corporation bonds at par for $500,000. 28 Received interest of $6,000 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 $3,000 per bond. 2022 Jan. 5 sold the Grocers' Supply Corporation bonds for $560,000. 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. Complete this question by entering your answers in the tabs below. Required 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.) Show less View transaction list Journal entry worksheet 3 4 5 > Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits. General Journal Debit Credit Date January 05, 2022 Record entry View general journal Clear entry 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 200 Grocers' Supply Corporation bonds at par for $500,000. 28 Received interest of $6,000 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 $3,000 per bond. 2022 Jan. 5 sold the Grocers' Supply Corporation bonds for $560,000. 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. Complete this question by entering your answers in the tabs below. Required Required 1 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.) Show less View transaction list Journal entry worksheet 3 4 5 Sold the Grocers' Supply Corporation bonds for $560,000. Note: Enter debits before credits. General Journal Debit Credit Date January 05, 2022 Record entry View general journal Clear entry 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 200 Grocers' Supply Corporation bonds at par for $500,000. 28 Received interest of $6,000 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 $3,000 per bond. 2022 Jan. 5 Sold the Grocers' Supply Corporation bonds for $560,000. 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. Complete this question by entering your answers in the tabs below. Required Required 1 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: