The following selected transactions relate to inve buys debt securities, not intending to but to have held by Ornamental on December 31, 2017 stment activities of Orna mental Insulation Corporation during 2018. The company profit from short-term differences in price and not necessarily to hold debt securities to maturity them available for sale when circumstances warrant. Ornamental's fiscal year ends on Dece mber 31. No investments were Mar. 31 Acquired 6t Distribution Tr sep. 1 Mequired si,095,000 of American Instruments , 8% bonds at face value. Sep. 30 Received semiannual in Oct. 2 Sold the Distribution Transformers bonds for $568,000 Nov. 1 Purchased $1,530,000 of M&D Corporation 48 bonds costing at face value ansformers Corporation bonds costing $530,000 at fa payment on the Distribution Transformers bonds 31 Recorded any necessary adjusting entry(8) relating to the investments. The market prices of the investments are: st Dec. $1,032,000 $1,603,000 M&D Corporation bonds (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale. 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. Complete this question by entering your answers in the tabs below