Saved Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in...

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Saved 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 2024 and the first week of 2025. December 17, 2024 Purchased 160 Grocers' Supply Corporation bonds at par for $560,000. December 28, 2024 Received interest of $4,400 from the Grocers' Supply Corporation bonds. December 31, 2024 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. January 5, 2025 Sold the Grocers' Supply Corporation bonds for $624,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report In its 2024 balance sheet and Income statement as a result of this Investment. Ignore Income taxes. Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 Date December 17, 2024 General Journal Investment in bonds Cash 2 December 28, 2024 Cash Interest revenue Debit Credit 560,000 560,000 4,400 4,400 3 December 31, 2024 Fair value adjustment 64,000 Gain on investments (unrealized, NI) 64,000 4 January 05, 2025 Loss on investments (unrealized, NI) Fair value adjustment 624,000 560,000 5 January 05, 2025 Cash Fair value adjustment Investment in bonds 624,000 64,000 560,000 Required 1 Required 2 Saved 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 2024 and the first week of 2025. December 17, 2024 Purchased 160 Grocers' Supply Corporation bonds at par for $560,000. December 28, 2024 Received interest of $4,400 from the Grocers' Supply Corporation bonds. December 31, 2024 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. January 5, 2025 Sold the Grocers' Supply Corporation bonds for $624,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report In its 2024 balance sheet and Income statement as a result of this Investment. Ignore Income taxes. Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Prepare the appropriate journal entry or entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 Date December 17, 2024 General Journal Investment in bonds Cash 2 December 28, 2024 Cash Interest revenue Debit Credit 560,000 560,000 4,400 4,400 3 December 31, 2024 Fair value adjustment 64,000 Gain on investments (unrealized, NI) 64,000 4 January 05, 2025 Loss on investments (unrealized, NI) Fair value adjustment 624,000 560,000 5 January 05, 2025 Cash Fair value adjustment Investment in bonds 624,000 64,000 560,000 Required 1 Required 2