RantzowLear Company buys and sells debt securities expecting to earn profits on shortterm differences in price, and holds these investments in its trading portfolio. The companys fiscal year ends on December The following selected transactions relating to RantzowLears trading account occurred during December and the first week of
December Purchased Grocers' Supply Corporation bonds at par for $
December Received interest of $ from the Grocers Supply Corporation bonds.
December Recorded any necessary adjusting entry relating to the Grocers Supply Corporation bonds. The market price of the bond was $ per bond.
January Sold the Grocers' Supply Corporation bonds for $
Answer is complete but not entirely correct.
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Indicate any amounts that RantzowLear Company would report in its balance sheet and income statement as a result of
this investment. Ignore income taxes.
