Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term price, and holds these investments in its trading portfolio. The company's fiscal year ends on The following selected transactions relating to Rantzow-Lear's trading account occurred duri 2021 and the first week of 2022. 2021 Dec. 17 Purchased 100 Grocers Supply Corporation bonds at par for $350,000. 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation price of the bond was $4,000 per bond. 2022 an. 5 Sold the Grocers Supply Corporation bonds for $395,000.
Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term price, and holds these investments in its trading portfolio. The company's fiscal year ends on The following selected transactions relating to Rantzow-Lear's trading account occurred duri 2021 and the first week of 2022. 2021 Dec. 17 Purchased 100 Grocers Supply Corporation bonds at par for $350,000. 28 Received interest of $2,000 from the Grocers' Supply Corporation bonds. 31 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation price of the bond was $4,000 per bond. 2022 an. 5 Sold the Grocers Supply Corporation bonds for $395,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
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