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Kindly help prepare the journal entries for each transaction. You can only use the following: No journal entry required, Cash, Fair Value Adjustment, Gain on Investment (NI), Gain on Investments (Unrealized, NI), Gain on Investment (Unrealized, OCI), Insurance expense, Interest receivables, Interest Revenue, Investments in Bonds, Loss on Investments (NI), Loss on Investments (Unrealized, NI), Loss on Investments (Unrealized, OCI), Retained Earnings.

Rantzow-Lear Company buys and sells debt securities expecting to earn profits on Short-term differences in price, and holds these investments in its trading portfolio. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2021 and the first week of 2022. 2021 Dec. 17 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. 2022 Jan. 5 Sold the Grocers' Supply Corporation bonds for $395,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2021 balance sheet and income statement as a result of this investment. Complete this question by entering your answers in the tabs below. Required 1 Required 2

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