Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences inprice. 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 2019.2018Dec.17Purchased 165 Grocers' Supply Corporation bonds for $577,500.28Received interest of $4,600 from the Grocers’ Supply Corporation bonds.31Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bonds were $4,000 per bond.2019Jan. 5Sold the Grocers' Supply Corporation bonds for $643,500.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.)2.Indicate any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment.