The following selected transactions relate to imvestment activities of Ormamental insulation Corporation during 2024. The company buys debt securities, notintending to profit from shortterm differences in price and not necessarily to hold debt securities to maturity. but to have them available for sale in years when circumstances warrant. Omamental's fiscal year ends on December 31 . No investments were held by Ornamental on December 31, 2023. March 31 Acquired ex Distribution Transformers Corporation hosis costing 3940,000 at face value. segterber 3e Aecelved senlarnial Interest payment on the bistribotich Transforeerf bonds? october 2 sold the Dlstribution Transformers bonds for 157, , eod. Noveater 1 Purchased $1,$60,000 of rib corporation 4K bond 5 t face salue. Deceaber 31 Eecorded any necessary adfusting entry(s) relating to the Inveltwents. The narket prices of the investments are: Anerlean-1estrunents bends 4. 1,046,000 vit corporation boeds 1,635,000 (hite interest must be accrued) Required: 1. Prepare the appropriate joumal entry for each transaction or event duing 2024 as weil as any adjusting entries necessary at year-end. For any sales, prepare entries to update the faif value abjustroent, record any reciassification adjustment, and record the sale 2. Indicate any amounts that Omamental insulation would report in its 2024 income statement. 2024 statemint of comprehensive income, and 12/312024 balance sheet as a resuit of these investments induce totals for net income, comprehersive income. and retained earnings as a result of these investments ignore income taxos. Cemplete this question by entering your answers in the tabs below