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pls help The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to pront

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The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to pront from short-term differences in price and not necessarily to hold debt securities to maturity. but to hove them available for sale in years when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Omamental on December 31,2023 . March 31 Acquired 8% Distribution Transforters Corporation bonds costing $420, 660 at face volue: Septerber 1 Acquired $930,060 of Anerican Instruments" 10 b bonds at face value. Septenber 30 Received senfannual interest payment on the Disteibution Transformers bonds; Detoben 2 . 5old the Distribution Transformers bonds for $447, 8ee. Novenber 1 Purchased 51,420;09e of M30 Corporation 6% bonds at face value. Decenber 31 Recorded any necessary adjusting entry(s) nelating to the investents. The market prices of the investments are: Arerican Instrunents bands MSO Corporation bonds 5. 878,800 51,482,860 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024 , as well as any adjusting entries necessary at year-end, For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale. 2. Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive income. and retained earnings as a result of these investments Ignore income taxes

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