Please help me solve question $1$ & $2.$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 $185$ Grocers$$ Supply Corporation bonds at par for $$462,500.$

$28$ Received interest of $$5,400$ from the Grocers$$ Supply Corporation bonds.

$31$ Recorded any necessary adjusting entry relating to the Grocers$$ Supply Corporation bonds. The market price of the bond was $$3,000$ per bond.

$2022$

Jan. $5$ Sold the Grocers' Supply Corporation bonds for $$527,250.$

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.