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please answer the following with work shown antzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price, and holds
please answer the following with work shown
antzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price, and holds these vestments in its trading portfolio. The company's fiscal year ends on December 31. The following selected transactions relating to Eantzow-Lear's trading account occurred during December 2021 and the first week of 2022. 021 Dec. 17 Purchased 190 Grocers Supply Corporation bonds at par for $475,000. 28 Received interest of $5,680 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 $542,se. 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 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 1 2 3 5 > Purchased 190 Grocers Supply Corporation bonds at par for $475,000 Journal entry worksheet Received interest of $5,600 from the Grocers' Supply Corporation bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 28, 2021 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for entry required" in the first account field.) View transaction list Journal entry worksheet Step by Step Solution
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