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please just do requirement 2!!! PLEASE DO IT CORRECTLY for thumbs up!!! The following selected transactions relate to investment activities of Omamental Insulation Corporation during
please just do requirement 2!!! PLEASE DO IT CORRECTLY for thumbs up!!!
The following selected transactions relate to investment activities of Omamental 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 endis on December 31 . No investments were held by Omamental on December 31,2020 . Mar. 31 Acquired \&5 Distribution Transformers corporation bonds costing 36e0,000 at face value. Sep. 1 Acquired $1,56e,60e of American Instruments 10% bonds at face value. Sep. 30 Received seniannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $670,060. Nov. 1 Purchased $2,46e,600 of Mso corporation 6x bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investeents. The market prices of the investnents are (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate joumal 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 totais for net income, comprehensive income, and retained earnings as a result of these investments. 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. (Amounts to be deducted should be indicated with a minus sign.) Step by Step Solution
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