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 $2024$ and the first week of $2025.$ Answer is complete but not entirely correct.

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Required $2$

Indicate any amounts that Rantzow$-$Lear Company would report in its $2024$ balance sheet and income statement as a result of

this investment. Ignore income taxes.

December $17,2024$ Purchased $115$ Grocers$$ Supply Corporation bonds at par for $$402,500.$

December $28,2024$ Received interest of $$2,600$ from the Grocers$$ Supply Corporation bonds.

December $31,2024$ Recorded any necessary adjusting entry relating to the Grocers$$ Supply Corporation bonds. The market price of the bond was $$4,000$ per bond.

January $5,2025$ Sold the Grocers' Supply Corporation bonds for $$437,000.$

Required:

Prepare the appropriate journal entry or entries for each transaction.

Indicate any amounts that Rantzow$-$Lear Company would report in its $2024$ balance sheet and income statement as a result of this investment. Ignore income taxes.