Problem 12.7 (Algo) Various transactions related to equity investments: fair value through net income; financlal statement effects [LO12.5] The following sclected transactlans relate to Investment acthitlas of Ornamental hisulation Corporation during 2024. Tha campany auys equty sacuritisi as nancumant investmens. Nona of Cmamental's inwestrients are larga enough to Gromental on December 31.2623. March 31 kacuired Distribation Tranafornara corporation conon atock for $590,000. septeraler 1 aceguired $1,185,000 ef anteriean Inatranent. ecrann stack. September 30 Beceived a $20,650 dividend on the Distribution Iranstoraers comnen etock, Cctober 2 sald the Distribution Transforners coanon stock for $634,000. Movanber 1 Farchasad $1,590,000 dE Maj Corporatian connan atod. Derenher 31 Reecerded sny neceseary adjusting entry(s) relating to the investnents. The Pequired; 1. Prapara the appropiana jaumal antry far each tranastian or fuant during 2024 , at val a5 any adjusting entries necessury ut yeur end. 2. Indicate any amounts that Ornamental heulation would report in Its 2024 income statement, 2024 statement of camprehersive income, and 12912024 bolance cheat as a rastit of thase inwastments. Irclude totas far nat income, comprehertive incerte and releined parnings as a cosul, af these imbatmens. Complete this question by entering your answers in the tabs below. Prepare the appropriate jcumal entry for each transaction or event during 2D24, as well as any adjusting entrics neccssary at year and. Note: If no entry is noquirod for a transaction/ewant, sciect "No journal entry requirnd" In the first account field. Journal entry worksheet (1) 2 (3) 67> Record the entry for sale Distribution Transformers camman stock far $634,000