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pls record each jounal entry as well. The following selected transactions relate to investment activitles of Ornamental Insulation Corporation during 2024. The company buys debt
pls record each jounal entry as well. The following selected transactions relate to investment activitles of Ornamental Insulation Corporation during 2024. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfollo. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired 8 Distribution Transforners Corporation bonds costing 5450,000 at face value. Septenber' 1 Acquired $1,050,000 of Anerican Instrunents' 10% bonds at face volue. September 30 Recefved senlannusl interest payment on the Distribution Transformers bonds) Octoben 2 sold the Distribution. Transforners bonds for $509,000. Novesber 1 furchased $1,650,000 of Mo Corporation 6% bomds at face value. Decenber 31 Recorded any necessary adjusting entry (s) relating to the investagnts. The narkot prices of the investments are Meenican Instruments bonds $1,005,000 We Corporation bonds $1,715,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024, as well as any adjusting entres necessary at year end. 2. Indicate any amounts that Omamental 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. 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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