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I'm having trouble on what to include on the income statement, statement of comprehensive income and balance sheet. Can you please help me decipher which
I'm having trouble on what to include on the income statement, statement of comprehensive income and balance sheet. Can you please help me decipher which accounts I need to include?
These are my journal entries:
This is what I have so far on the statements:
The following selected transactions relate to Investment activities of Omamental Insulation Corporation during 2018. The company buys equity securities as Investments. None of Ornamental's Investments are large enough to exert signlficant Influence on the Investee. Ornamentals fiscal year ends on December 31. No Investments were held by Ornamental on December 31, 2017 Mar 31 Acquired Distribution Transformers Corporation comon stock for $688,88e. Sep. 1 Acquired $1,289,889 of Anerican Instruments' comnon stock Sep. 38 Received a $15,988 dividend on the Distribution Transforners common stock Oct. 2 Sold the Distribution Transformers common stock for $645,888 Now. 1 Purchased $1,688,888 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the inves tments are American Instrunents connon stock M&D Corporation common stock $1,138,e08 $1,688,888 Required: 1. Prepare the appropriate Journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year 2 Indicate any amounts that Ornamental Insulation would report In Its 2018 Income statement, 2018 statement of comprehenslve Income, and 12/31/2018 balance sheet as a result of these InvestmentsStep by Step Solution
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