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, Purchased 170 Grocers' Supply Corporation bonds at par for $595,000. 2024 December 28, Received interest of $4,800 from the Grocers' Supply Corporation bonds. 2024 December 31, Recorded any necessary adjusting entry relating to the Grocers' Supply 2024 Corporation bonds. The market price of the bond was $4,000 per bond. January 5, Sold the Grocers' Supply Corporation bonds for $646,000. 2025 Required: 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. > Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 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. Show less No Date General Journal 1 December 17 Investment in bonds Debit 595,000 Credit Cash 595,000 2 December 28 Cash Interest revenue 4,800 4,800 3 December 31 Fair value adjustment 4 Gain on investments (unrealized, NI) January 05, 2 Loss on investments (unrealized, NI) Fair value adjustment 5 January 05, 2 Cash Fair value adjustment Investment in bonds < Required 1 Required 2 >