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-Lears trading account occurred dring December 2018 and the first week of 2019 2018 Dec. 17 Purchased 160 Grocers' Supply Corporation bonds for ss6e,ooe. 28 Received interest of $4,400 from the Grocers" Supply Corporation bonds ed 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were 34,000 per bond 2019 an. s Sold the Grocers Supply Corporation bonds for $624,eoo. 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.) No Date General J edit December 17. 201 Investment in Grocers Supply bonds 560.000 Cash 560000 2 December 28, 201 Cash 4,400 a Interest revenue 4,400 3 |December 31 201 Fat value adustrnent C 80.000 Unrealized holding gainmI 0,000 4 January 05, 2019 Unrealized holding ou 16,000 o Fair value adjustment 16 000 5 January 05, 2019 Cash 624,000 Fair value adjustment Investment in Grocers' Supply bonds 16,000 608,000 2. Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as investment Balance Sheet (short-term investment): Income Statement