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 companys fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lears trading account occurred during December 2024 and the first week of 2025.

December 17, 2024 - Purchased 100 Grocers' Supply Corporation bonds at par for $350,000.

December 28, 2024 - Received interest of $2,000 from the Grocers Supply Corporation bonds.

December 31, 2024 - Recorded any necessary adjusting entry relating to the Grocers Supply Corporation bonds. The market price of the bond was $4,000 per bond.

January 5, 2025 - Sold the Grocers' Supply Corporation bonds for $395,000.

Required: Prepare the appropriate journal entry or entries for each transaction. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income taxes.

Complete this question by entering your answers in the tabs below. 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 accou Journal entry worksheet Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to adjust fair value of the investment on date of sale. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income taxes. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet