Just missing the blank spots pls help
Problem 12-7 (Algo) Various transactions related to equity investments: fair value through net income [LO12-5) The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired Distribution Transformers Corporation common stock for $420,000. Sep. 1 Acquired $930,000 of American Instruments' common stock. Sep. 30 Received a $16,800 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $447,000. Nov. 1 Purchased $1,420,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments common stock M&D Corporation common stock $ 878,000 $1,482,000 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 View transaction list View journal entry worksheet General Journal Credit No 1 Date March 31, 2021 Debit 420,000 Cash 420,000 2 September 01 2021 930,000 Investment in bonds Cash 930,000 3 3 September 30, 2021 Cash 16,800 Dividend revenue 16,800 4 27,000 October 02, 2021 Fair value adjustment Gain on investments (unrealized, NI) 27,000 5 447,000 October 02, 2021 Cash Investment in equity securities Fair value adjustment 420,000 27,000 6 6 November 01, 2021 1,420,000 Gain on investments (unrealized, NI) Cash 1,420,000 7 December 31 2021 Fair value adjustment 10,000 Gain on investments (unrealized, NI) 10,000 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. $ 16,800 37,000 53,800 $ Income statement: Dividend revenue Gain on investments Net income Statement of comprehensive income: Net income Other comprehensive income Comprehensive income Balance sheet: Assets Noncurrent Assets Investments in equity securities Add: Fair value adjustment Shareholders' Equity Retained earnings $ 2,350,000 10,000 $ 2,360,000
