Problem 12-7 (Algo) Various transactions related to equity investments: fair value through net income (L012-5) Sep. 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 farge 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 $500,000 1 Acquired $1,050,000 of American Instruments common stock Sep 30 Received a $15,000 dividend on the Distribution Transformers common stock: Oct. 2 Sold the Distribution Transformers on stock for $535,000 Now 1 Purchased $1,500,000 of MD Corporation con stock Dec 31 Recorded any necessary adjusting entry() relating to the investments. The market prices of the investments American Instruments common stock O Corporation common stock 990,000 51,570,000 Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entites necessary at year end 2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 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 Required Required 2 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 12/31/2021 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. Required t Required 2 Prepare the appropriate Journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year and (Ir no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction list Journal entry worksheet