Rantzow$-$Lear Company buys and sells debt securttes 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 $100$ Grocers. Supply Corporation bonds at par for $$350,000.$

December $28,2024$ Received interest of $$2,000$ 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 $$395,000.$

Required:

Prepare the approprlate Journal entry or entries for each transaction.

$2$ 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.

Answer is complete but not entirely correct.

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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.