Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price. The companys fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lears trading account occurred during December 2018 and the first week of 2019. 2018 Dec. 17 Purchased 155 Grocers' Supply Corporation bonds for $542,500. 28 Received interest of $4,200 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 $604,500. 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.)

1. Purchased 155 Grocers' Supply Corporation bonds at par of $542,500.

2.Received cash interest of $4,200 from the Grocers' Supply Corporation bonds.

3.Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond.

4.Record the entry to adjust the fair value.

5.Sold the Grocers' Supply Corporation bonds for $604,500.