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 2021 and the first week of 2022. 2021 Dec. 17 Purchased 195 Grocers' Supply Corporation bonds at par for $487,500. 28 Received interest of $5,800 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $3,000 per bond. 2022 Jan. 5 sold the Grocers' Supply Corporation bonds for $546,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and income statement as a result of this investment Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a trans entry required" in the first account field.) View transaction list View journal entry worksheet Compiele LIIS quesLIUILD Lely your sweis M L LUDU ULIUV. Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a trans "No journal entry required" in the first account field.) General Journal Debit C No 1 Date December 17, 202 Investment in bonds Cash 2 December 28, 202 Cash Investment in bonds 3 December 31, 202 Fair value adjustment Loss on investments (NI) 4 January 05, 2022 Cash Gain on investments (NI) Required 1 Required 2 > Required 1 Required 2 Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and incom of this investment. Balance Sheet December 31, 2021 Current Assets Income Statement: