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 170 Grocers' Supply Corporation bonds at par for $595,000. 28 Received interest of $4,800 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 $646,000. 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 Journal entry worksheet 1 2 3 4 5 > Purchased 170 Grocers' Supply Corporation bonds at par for $595,000. Note: Enter debits before credits. Date General Journal Debit Credit December 17, 2021 Record entry Clear entry View general journal 10 points View transaction list X: Skipped eBook 1 Purchased 170 Grocers' Supply Corporation bonds at par for $595,000. Hint ds. Print 2 Received interest of $4,800 from the Grocers' Supply Corporation bonds. References 3 Record any necessary adjusting entry relating to the Grocers' Supply Corporation bonds on December 31. The market price of the bonds was $4,000 per bond. Credit 4 Record the entry to adjust fair value of the investment on date of sale. 5 Sold the Grocers' Supply Corporation bonds for $646,000. Note : = - journal entry has been entered Record entry Clear entry View general journal Mc Grava Prev 7 of 11 Neyt 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 es December 31, 2021 Current Assets Income Statement: