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 120,000 Grocers' Supply Corporation preferred shares for $420,000 Received cash dividends of $2,800 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 $4 per share 2017 Jan. 5 Sold the Grocers' Supply Corporation preferred shares for $450,000 Required 1. Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 Purchased 120,000 Grocers' Supply Corporation preferred shares for $420,000 Note: Enter debits before credits Date General Journal Debit Credit December 17, 2016 Record entry Clear entry View general journal