map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%2... Check my 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 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 $560,000. Sep. 1 Acquired $1,140,000 of American Instruments' common stock. Sep. 30 Received a $16,800 dividend on the Distribution Transformers common stock. 2 sold the Distribution Transformers common stock for $601,000. Nov. 1 Purchased $1,560,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments ar Oct. American Instruments common stock M&D Corporation common stock $1,074,000 $1,637,000 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. Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet 1 28 3 4 5 6 7 Record the acquisition of $1,140,000 of American Instruments' common stock. Note: Enter debits before credits. General Journal Debit Credit Date September 01, 2021 1,140,000 1,140,000 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 5 6 7 Record the entry for dividend received on the Distribution Transformers common stock. Note: Enter debits before credits. Date General Journal Debit Credit September 30, 2021 16,800 16,800 Record entry Clear entry View general journal Next View transaction list Journal entry worksheet 2 3 5 6 7 > Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. Note: Enter debits before credits. Date General Journal Credit Debit 601,000 October 02, 2021 41,000 560,000 View general Journal Record entry Clear entry 4 of 5 St acc View transaction list Journal entry worksheet K 1 2 3 5 6 7 Record the entry for sale Distribution Transformers common stock for $601,000. Note: Enter debits before credits. Date General Journal Debit Credit October 02, 2021 Record entry Clear entry View general Journal Journal entry worksheet 2 3 5 6 7 > Record the acquisition of $1,560,000 of M&D Corporation common stock. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021 Record entry Clear entry View general Journal fie View transaction list Journal entry worksheet
