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 145 Grocers' Supply Corporation bonds at par for $652,5ee. 28 Received interest of $3,800 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 $5,000 per bond. 2022 Jan. 5 sold the Grocers' Supply Corporation bonds for $688,750. 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 General Journal Debit Credit Date December 17, 2021 1 Investment in bonds 625,500 Cash 625,500 2 December 28, 2021 Cash 3.800 Interest revenue 3.800 3 December 31, 2021 76,300 Fair value adjustment Gain on investments (unrealized, NI) 76,300 4 40.050 40,050 5 January 05, 2022 Gain on investments (unrealized, NI) Fair value adjustment January 05, 2022 Cash Loss on investments (NI) Investment in bonds 688.750 of 36,250 G52,500 Balance Sheet December 31, 2021 Current Asacta Investment in bonds Income Statement: Interest revenue Gain on investments S 728,800 S 3,800 76,300