Still need the journal entries for 5-9 and also need help with requirement 2
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental's fiscal year ends on December 31. No investments were held by Omamental on December 31, 2020. Mar. 31 Acquired 8x Distribution Transformers Corporation bonds costing $490,eee at face value. Sep. 1 Acquired $1,170,000 of American Instruments" 1ex bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $560.eee. Nov. 1 Purchased $1,85e,eee of MSD Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds MAD Corporation bonds $1,129,000 $1,919,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year 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. end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 first account field.) (If no entry is required for a transaction/event, select "No journal entry required" View transaction list :X: sale of the Distribution Transformers bonds. 9 5 Record the entry for sale of Distribution Transformers bonds for $560,000. ribution 6 Record the acquisition of $1,850,000 of M&D Corporation 6% bonds at face value. 7 Record the interest accrual for American Instruments bonds. Cre 8 Record the interest accrual for M&D bonds. 9 Record the entry to adjust fair value of the investments at year-end. Note: = Journal entry has been entered Record entry Clear entry View genera Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 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 totais for net income, comprehensive income, and retained earnings as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.) Income statement: 1 $ 0 Net income Statement of comprehensive income: $ 0 Comprehensive income Balance sheet: Assets Current Assets Investments Shareholders' Equity The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental's fiscal year ends on December 31. No investments were held by Omamental on December 31, 2020. Mar. 31 Acquired 8x Distribution Transformers Corporation bonds costing $490,eee at face value. Sep. 1 Acquired $1,170,000 of American Instruments" 1ex bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $560.eee. Nov. 1 Purchased $1,85e,eee of MSD Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds MAD Corporation bonds $1,129,000 $1,919,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year 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. end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 first account field.)
