Problem 12-7 (Algo) Various transactions related to equity investments: fair value through net income (LO12-5) The following selected transactions relate to investment activities of Omamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamentals investments are large enough to exert significant influence on the investee Ornamental's fiscal year ends on December 31, No Investments were held by Ornamental on December 31, 2020 Mar. 31 Acquired Distribution Transformers Corporation common stock for $600,000. Sep. 1 Acquired $1,200,000 of American Instruments common stock. Sep. 30 Received a $15,000 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers conmon stock for $645,000. Nov. 1 Purchased $1,600,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investnents are: American Instruments common stock M&D Corporation common stock $1,130,000 $1,680,000 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 12/312021 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