Problem 12-6 (Algo) Various transactions related to securities available-for-sale (LO12-1, 12-4) The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale in years when circumstances warrant Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020 Mar. 31 acquired 86 Distribution Transformers Corporation bonde couting $510,000 at face value. Sep. Aequired $1,065,000 of American Instruments' 105 bonds at face value. Sep. Jo Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 sold the Distribution Transformers bonds for $546,000. Nov. Purchased 51,510,000 of MD Corporation 61 bonds at face value Dec. 31 Recorded any necessary adjusting entry() relating to the investments. The market prices of the investments are American Instruments bonds MED Corporation bonds 51,004,000 $1.581.000 (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. For any sales, prepare entries to update the fair value adjustment, record any reclassification adjustment, and record the sale. 2. Indicate any amounts that Omamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/312021 balance sheet as a result of these investments. Include totals for net income.comprehensive income, and retained earnings as a result of these investments. Complete this question by entering your answers in the tabs below. Required 1 Required 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. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Net income Statement of comprehensive income: $ D Other comprehensive income 0