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. 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. 2022 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. 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 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 journ entry required" in the first account field.) View transaction list View journal entry worksheet x No General Journal Debit Credit Date December 17, 2021 1 Investment in bonds 350,000 Cash 350,000 2 December 28, 2021 Cash 2,000 Interest revenue 2,000 3 December 31, 2021 Fair value adjustment 50,000 Gain on investments (unrealized, NI) 50.000 4 January 05, 2022 Gain on investments (NI) 5 January 05, 2022 Fair value adjustment