Question: Please help with the ones I got wrong. Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price. The

 Please help with the ones I got wrong. Rantzow-Lear Company buys

Please help with the ones I got wrong.

Rantzow-Lear Company buys and sells debt 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 2018 and the first week of 2019. 2018 Dec. 17 Purchased 195 Grocers' Supply Corporation bonds for $367,500. 28 Received interest of $2,200 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond. 2019 Jan. 5 sold the Grocers' Supply Corporation bonds for $399,200. Required: 1. Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) No Credit Date General Journal December 17, 2018 Investment in Grocers' Supply bonds Cash Debit 367.500 367.500 December 28, 2018 Cash 2.200 Interest revenue 2.200 52.500 December 31, 2018 Fair value adjustment Unrealized holding gain-NI 52.500 January 05, 2019 January 05, 2019 399.000 Fair value adjustment

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