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 110 Grocers' Supply Corporation bonds for $385,000. 28 Received interest of $2,400 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 $4,000 per bond. 2019 Jan. 5 Sold the Grocers' Supply Corporation bonds for $418,000 Requirec 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.) Answer is complete but not entirely correct. Date General Journal Debit Credit December 17, 2018 'Investment in Grocers' Supply bonds 385,000 Cash 385,000 December 28 2018 2 Cash 2,400 Interest revenue 2,400 December 31, 2018 Fair value adjustment 55,000 Unrealized holding gain-NI 55,000 January 05 2019 4 Unrealized holding loss-NI 55,000 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.) No Date General Journal Debit Credit December 17 2018 Investment in Grocers' Supply bonds 385,000 Cash 385,000 December 28 2018 Cash 2,400 Interest revenue 2,400 December 31 2018 Fair value adjustment 55,000 Unrealized holding gain-NI 55,000 January 05 2019 4 Unrealized holding loss-NI 55,000 Fair value adjustment 55,000 January 05 2019 Cash 418,000 Investment in Grocers' Supply bonds Gain on investments 385,000 33,000 2. Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment. Answer is not complete. Balance Sheet (short-term investment): Trading securities $ 440,000 Income Statement: Unrealized holding gain Gain on investments