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The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021 . The company buys equity securities as noncurrent investments. None of Omamental's investments are large enough to exert significant influence on the investee. Omamental's fiscal year ends on December 31 . No investments were held by Omamental on December 31,2020 . Mar. 31 Acquired Distribution. Transformers Corporation comeon stock for $530,000. Sep. 1 Acquired \$1,095,000 of Anerican Instrunents' comonon stock. Sep. 30 Alecelived a $15,900 dividend on the o1stribution Transformers connon stock. oct. 2 Sold the Distribution Transformers comon stock for $568, 00e. Nov. I Purchased $1,530,000 of nho Corporation comonon stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries riecessary at yearend. 2. Indicate any amounts that Omamental 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. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries n (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 567 Record the acquisition of Distribution Transformers Corporation common stock for $530,000 Note: Enter debits before credits. Prepare the appropriate journal entry for each transaction or event during 2021 , as well as any adj (If no entry is required for a transaction/event, select "No journal entry required" in the first accou Journal entry worksheet 7 Record the acquisition of $1,095,000 of American Instruments' common stock. Note: Enter debits before credits. Prepare the appropriate journal entry for each transaction or event during 2021 , as well as any adjusting entr (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 567 Record the entry for dividend received on the Distribution Transformers common stock. Note: Enter debits before credits. Journal entry worksheet Record the entry to adjust to fair value on the date of sale of the Distribution Transformers common stock. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry for sale Distribution Transformers common stock for $568,000. Notes Enter debits before credits. Journal entry worksheet
