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 Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31 . No investments were held by Omamental on December 31,2020 . Mar, 31 Acquired Distribution Transformers Corporation comton stock for $550,000. sep. 1 Aequired $1,125,000 of Aserican Instrusenta' cormon stoek. Sep. 30 Received a $22,000 dividend on the Distribation Transtormers common atook. oet. 2 spld the Distribution Transformers comthn stock for $590,000. Hov. I parchased $1,550,000 of M6D corporation common atook. Dec. 31 Recorded any necensary adjunting entry(e) relating to the investments. The market prices of the investments arei Required: 1. Prepore the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at yearend 2. Indicate any amounts that Omamental 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. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year-end. (if no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet 567 Record the acquisition of Distribution Transformers Corporation common stock for $550,000. Note: Enter debits before credits. Journal entry worksheet 67 Record the acquisition of $1,125,000 of American Instruments' common stock. Note: Enter debits before credits. Prepare the appropriate journal entry for each transaction or event during 2021 , as well as any adjusting (If no entry is required for a transaction/event, select "No journal entry required" in the first account fielc Journal entry worksheet \begin{tabular}{l}