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The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. 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, 2020 Mar. 31 Acquired a distribution Transformers Corporation bonds castirig $540,000 at face value. Sep. 1 Acquired $1,320, eee of American Instruments' 10% bonds at face value. Sep. 3e Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 sold the Distribution Transformers bonds for $589, eee. Nov. 1 Purchased $2,100,000 of MSD Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds MSD Corporation bonds $1,274,000 $2,174,000 (Hint: Interest must be accrued.) 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. Journal entry worksheet 2 3 4 5 6 7 1 8 9 Record the acquisition of 8% Distribution Transformers Corporation bonds costing $540,000 at face value. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Journal entry worksheet Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. Note: Enter debits before credits. General Journal Debit Credit Date October 02, 2021 Journal entry worksheet 2 3 4 5 6 7 8 9 Record the entry for sale of Distribution Transformers bonds for $580,000. Note: Enter debits before credits Date October 02, 2021 General Journal Debit Credit Journal entry worksheet