Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2018 and the first week of 2019. 2018 Dec. 17 Purchased 145 Grocers Supply Corporation bonds for $652,500 28 Received interest of $3,800 from the Grocers' Supply Corporation bonds 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $5,000 per bond 2019 Jan. 5 Sold the Grocers' Supply Corporation bonds for $688,750 Required 1. Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Date General Journal Debit Credit December 17, Investment in Grocers' Supply bonds 652,500 2018 Cash 652,500 2. Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment. Balance Sheet (short-term investment) Income Statement