13 The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. 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, 2020. 10 points Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $570,000 at face value. Sep. 1 Acquired $1,410,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $625,000. Nov. 1 Purchased $2,250,000 of M&D Corporation 5% bonds at face value. Dec 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are eBook American Instruments bonds M&D Corporation bonds $1,367,000 $2,327,000 Print References (Hint: Interest must be accrued.) ) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.) Income statement: $ 0 MENU Statement of comprehensive income Other comprehensive income Balance sheet: Assets Current Assets Investments $ 0 Shareholders' Equity 14 The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale in years when circumstances warrant. Omamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. 10 points Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $420,000 at foce value. Sep. 1 Acquired $930,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $447,000. Nov. 1 Purchased $1,420,000 of M&D Corporation 6% bonds costing at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: eBook American Instruments bonds M&D Corporation bonds $ 878,000 $1,482,000 Print (Hint: Interest must be accrued.) References Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale. 2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet a a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Amounts to be deducted should be indicated with a minus sign.) Income statement Interest revenue Gain on investments Net income Statement of comprehensive income Net income Other comprehensive income Comprehensive income Balance sheet Assets Current Assets Noncurrent Assets $ Shareholders' Equity