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 2024 and the first week of 2025. December 17, 2024 Purchased 160 Grocers' Supply Corporation bonds at par for $560,000. December 28, 2024 Received interest of $4,400 from the Grocers' Supply Corporation bonds. December 31, 2024 January 5, 2025 Required: Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. Sold the Grocers' Supply Corporation bonds for $624,000. 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income taxes. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list