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 100 Grocers' Supply Corporation bonds at par for $350,000. 2022 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. Jan. 5 Sold the Grocers' Supply Corporation bonds for $395,000. 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. Required 1 Required 2 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 1 Date December 17, 2021 Investment in bonds Cash 2 December 28, 2021Cash Interest revenue General Journal 3 December 31, 2021Fair value adjustment Gain on investments (unrealized, NI) 4 5 January 06, 2022 Gain on investments (unrealized, NI) Fair value adjustment January 05, 2022 Cash Fair value adjustment Investment in bonds 700 00 00 00 000 Required 2 > Debit 350,000 Credit 350,000 2.000 2,000 50,000 50,000 45,000 45.000 395,000 45,000 350,000