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 $165$ Grocers' Supply Corporation bonds at par for $$577,500.$

December $28,2024$ Received interest of $$4,600$ 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 $$643,500.$

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.

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Required $1$

Prepare the appropriate journal entry or entries for each transaction.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

View transaction list

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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.

Balance Sheet

December $31,2024$

Income Statement: