Please prepare journal entries.

1.

• Purchased 120 Grocers' Supply Corporation bonds at par of $420,000.

2.

• Received cash interest of $2,800 from the Grocers' Supply Corporation bonds.

3.

• Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond.

4.

• Record the entry to adjust the fair value.

5.

• Sold the Grocers' Supply Corporation bonds for $450,000.

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 120 Grocers' Supply Corporation bonds for $420,000. 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 $450,000. 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 Record the entry to adict the fair value