Rantzow-Lear Company buys and sells 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 2016 and the first week of 2017 2016 Dec. 17 28 31 Purchased 135,000 Grocers' Supply Corporation preferred shares for $607,500 Received cash dividends of $3,400 from the Grocers' Supply Corporation preferred shares. Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation preferred shares. The market price of the stock was $5 per share. 2017 Jan. 5 Sold the Grocers' Supply Corporation preferred shares for S641,250 Required 1. Prepare the appropriate journal entry for each transaction. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date General Journal Debit Credit December 17 2016 607,500 Investment in Grocers' Supply preferred shares Cash 607,500 December 28 2016 Cash 3,400 Investment revenue 3,400 December 31 2016 67,500 Fair value adjustment Net unrealized holding gains and losses-/S 67,500 January 05 2017 641.250 4 Cash 33,750 607,500 Gain on investments Investment in Grocers' Supply preferred shares Net unrealized holding gains and losses-VS 50,000 2017 Fair value adjustment 50,000