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 175 Grocers' Supply Corporation bonds for $612,500 28 Received interest of $5,000 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 $4,800 per bond. 2019 an. 5 Sold the Grocers' Supply Corporation bonds for $665,88 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.) Journal entry worksheet 2 4 Purchased 175 Grocers' Supply Corporation bonds at par of $612,500. Note: Enter debits before credits. Debit Date General Journal Credit December 17, 2018 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Received cash interest of $5,000 from the Grocers' Supply Corporation bonds Note: Enter debits before credits. Date Debit General Journal Credit December 28, 2018 Record entry Clear entry View general journal 2 4 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond Note: Enter debits before credits. Date Debit General Journal Credit December 31, 2018 Clear entry Record entry View general journal 2 3 4 Record the entry to adjust the fair value. Note: Enter debits before credits. Debit Credit Date General Journal January 05, 2019 Clear entry Record entry View general journal View transaction list Journal entry worksheet 2 4 Sold the Grocers' Supply Corporation bonds for $665,000 Note: Enter debits before credits. Date Credit General Journal Debit January 05, 2019 View general journal Record entry Clear entry 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