Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 3,0:14 as awarded The following selected transactions relate to investment activities of Omomental Insulation Corporation during 2021. The company buys equity securities as noncurrent

image text in transcribed
5 3,0:14 as awarded The following selected transactions relate to investment activities of Omomental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Omamentals investments are large enough to exert significant influence on the investee Ornamental's fiscal year ends on December 31. No investments were held by Omamental on December 31, 2020. Mar. 31 Acquired Distribution Transformers Corporation comon stock for $530,890. Sep. 1 Acquired $1,695,000 of American Instrunents' comon stock. Sep. 30 Received a $15,900 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $568, 60e. Nov. 1 Purchased 51, 530,000 of MD Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: Scored BOOK American Instruments common stock MAD Corporation common stock $1,932,600 $1,603,600 forences 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 12/312021 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: 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. Income statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Winning Your Audit Prepare Diligently Be Realistic Then Stand Your Ground

Authors: Holmes F. Crouch

2nd Edition

0944817319, 978-0944817315

More Books

Students also viewed these Accounting questions

Question

5. Describe the visual representations, or models, of communication

Answered: 1 week ago