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 170 Grocers' Supply Corporation bonds at par for $595,000. 28 Received interest of $4,800 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 $4,000 per bond. 2022 Jan. 5 Sold the Grocers' Supply Corporation bonds for $646,000. 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. View transaction list Journal entry worksheet Journal entry worksheet View transaction list Journal entry worksheet 1 2 3 Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits. Date January 05, 2022 Record entry 5 General Journal Clear entry + Pequired Debit Credit View general Journal Required 2 > View transaction list Journal entry worksheet Required 1 Required 2 Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and income statement as a result of this investment. Balance Sheet December 31, 2021 Current Assets Income Statement: .