Rantzow-Lear Company buys and sells 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 2016 and the first week of 2017. 2016 Dec. 17 Purchased 100,000 Grocers Supply Corporation preferred shares for $350,000. 28 Received cash dividends of $2,000 from the Grocers Supply Corporation preferred shares. 31 Recorded any necessary adjusting entry relating to the Grocers Supply Corporation preferred shares. The market price of the stock was $4 per share. 2017 Jan. 5 Sold the Grocers Supply Corporation preferred shares for $395,000. Required: 1. Prepare the appropriate journal entry for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2016 balance sheet and income statement as a result of this investment.