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 185 Grocers' Supply Corporation bonds at par for $462,500. 2022 28 Received interest of $5,400 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 $3,000 per bond. Jan. 5 Sold the Grocers' Supply Corporation bonds for $527,250. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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, 202 Investment in bonds Cash 2 December 28, 202 Cash Interest revenue General Journal 3 December 31, 202 Fair value adjustment Loss on investments (unrealized, OCI) < Required 1 Required 2 > Debit Credit 462,500 462,500 5,400 5,400 100,000 100,000 Complete this question by entering your answers in the tabs below. 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: < Required 1 Required 2 >