ces 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 $590,000 at face value. September 1 Acquired $1,470,000 of American Instruments 10% bonds at face value. I September 30 Received semiannual interest payment on the Distribution Transformers bonds. October 2 Sold the Distribution Transformers bonds for $655,000. November 1 Purchased $2,350,000 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 invest American Instruments bonds: M&D Corporation bonds (Hint: Interest must be accrued.) Required: $ 1,429,000 $ 2,429,000 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. 5 Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 state comprehensive income, and 12/31/2024 balance sheet as a result of these investments. Include totals fc 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: Current Assets Interest receivable Investments Assets $ 96,100 103,000 $ 199,100 $ 0 Investment in bonds Add: Fair value adjustment $ 0 Shareholders' Equity Retained earnings Required 1 Required < Prev 13 of 15 Next >