13 6.66 points The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired 8 Distribution Transformers Corporation bonds costing $420,000 at face value. September 1 Acquired $960,000 of American Instruments 10% bonds at face value. September 30 Received semiannual interest payment on the Distribution Transformers bonds. October 2 Sold the Distribution Transformers bonds for $455,000. November 1 Purchased $1,500,000 of M&D Corporation 6 bonds at face value. December 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds H&D Corporation bonds (Hint: Interest must be accrued.) Required: $912,000 $1,562,000 1. Prepare the appropriate journal entry for each transaction or event during 2024, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes. No Date General Journal Debit Credit 1 March 31, 2024 Investment in bonds Cash 420,000 420,000 2 September 01, 20 Investment in bonds. Cash 960,000 960,000 3 September 30, 20 Cash Interest revenue > > 16,800 16,800 4 October 02, 2024 Cash Investment in bonds Gain on investments (unrealized, NI) 455,000 420,000 35,000 5 October 02, 2024 Cash 455,000 Fair value adjustment Investment in bonds 420,000 35,000 6 November 01, 202 Investment in bonds Cashi > > 1,500,000 1,500,000 7 December 31, 202 Interest receivable 32,000 Interest revenue 32,000 < Previ 13 of 15 Next > 4 Interest revenue October 02, 2024 Cash Investment in bonds Gain on investments (unrealized, NI) 5 October 02, 2024 Cash 6 Fair value adjustment Investment in bonds November 01, 202 Investment in bonds Cash 7 December 31, 202 Interest receivable Interest revenue 8 December 31, 202 Fair value adjustment Gain on investments (unrealized, OCI) 000 455,000* 16,800 420,000 35,000 455,000 420,000 35,000 1,500,000 1,500,000 32,000- 14,000 32,000 14,000 Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes. Income statement: Interest revenue Gain on investments Net income Statement of comprehensive income: Net income Other comprehensive income Comprehensive income Balance sheet: + $ 48,800 35,000 $ 83,800 $ 14,000 $ 14,000 Assets Current Assets Interest receivable 0 $ 32,000 Investments $ 2,460,000 $ 2,460,000 Shareholders' Equity Comprehensive income $ 14,000