problem 3

.url Metro by'TMzob-i'le' as \"28:56 PM 4 (E) \"E estem-hedueationeern Private 3. Award: 20.00 points The following selected transactions rotate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Omamental's investments are large enough to exert signicant inuence on the investee. Ornamental's scal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar-31 Acquired Distribution Transformers Corporation common stock for $590,000. 5'3"- 1Acquired $1,185,000 of American Instruments' common stock. Sen-3 Received a $20,650 dividend on the Distribution Transformers common stock. 0'" 2 Sold the Distribution Transformers common stock for $634,000. \"W 1 Purchased $1,590,000 of mm Corporation common stock. D\" 3' Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments common stock $1,116,000 M&D Corporation common stock $1.669.000 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 1213112021 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 journal entry required" in the rst account eld.) View transaction lisl Journal entry worksheet (1'234 567 ) Record the acquisition of Distribution Transformers Corporation common stock for $590,000. Note: Enter debits before credits. Record entry Clear entry View general journal