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What are any amounts that rantzow-lear company would report

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Reference no: EM132315490

Question

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 170 Grocers' Supply Corporation bonds for $595,000.

28 Received interest of $4,800 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 $646,000.

Required:

1. What are the appropriate journal entry or entries for each transaction?

2. What are any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment?

Reference no: EM132315490

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