Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2018 and the first week of 2019. 2018 Dec. 17 Purchased 180 Grocers' Supply Corporation bonds for $450,000. 28 Received interest of $5,200 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $3,000 per bond. 2019 Jan. 5 sold the Grocers' Supply Corporation bonds for $513,000. Required: 1. 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.) Credit Answer is not complete. General Journal December 17, 2016 Investment in Grocers' Supply bonds Cash Debit 450.000 1 450,000 2 5,200 December 28, 2016 Cash Investment revenue 5,200 90,000 December 31, 2018 Fair value adjustment Unrealized holding gain-NI 90,000 513,000 January 05, 2019 Cash Gain on investments Investment in Grocers' Supply bonds 63,000 450,000 January 05, 2019 NI 90,000 $ Unrealized holding gain Fair value adjustment 90,000 2019 Jan. 5 Sold the Grocers' Supply Corporation bonds for $513,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. (If ng journal entry required" in the first account field.) View transaction list View journal entry worksheet Purchased 180 Grocers' Supply Corporation bonds at par of $450,000. Received cash interest of $5,200 from the Grocers! Supply Corporation bonds. Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $3,000 per bond. Record the entry to adjust the fair value. Sold the Grocers' Supply Corporation bonds for $513,000. Note : = journal entry has been entered Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this vestment Balance Sheet (short-term investment): Income Statement