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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. 2018 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond. 2019 Sold the Grocers' Supply Corporation bonds for $395,000 Jan. 5 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.) View transaction list Journal entry worksheet 2 3 1 4 5 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000 Note: Enter debits before credits Credit Date General Journal Debit December 17, 2018 Investment in Grocers' Supply bonds 350,000 Cash 350,000 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. 2018 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond 2019 Sold the Grocers' Supply Corporation bonds for $395,000 Jan. 5 Required: 1. Prepare the appropriate journal entry or entries for each transaction. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 1 2 4 Received interest of $2,000 from the Grocers' Supply Corporation bonds. Note: Enter debits before credits. General Journal Date Debit Credit December 28, 2018 Cash 2,000 Interest revenue 2,000 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. 2018 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond 2019 Sold the Grocers' Supply Corporation bonds for $395,000 Jan. 5 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.) View transaction list Journal entry worksheet