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 $2025.$

December $17,2024$ Purchased $155$ Grocers$$ Supply Corporation bonds at par for $$542,500.$

December $28,2024$ Received interest of $$4,200$ from the Grocers$$ 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 $$604,500.$

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.