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 companys fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lears trading account occurred during December 2024 and the first week of 2025. December 17, 2024 Purchased 120 Grocers Supply Corporation bonds at par for $420,000. December 28, 2024 Received interest of $2,800 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 $450,000.

Required: 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.

I just need a step by step to get retained earnings.

Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and inc this investment. Ignore income taxes