The following selected transactions relate to investment activites of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to profit from short-term ddferences in price and not necessarly to hold debt securities to maturity. but to have them ovatlable for sale in years when circumstances warrant. Ormamental's fiscal year ends on December 31 . No investments were held by Ornamental on December 31, 2023 October 2 sold the Dfstribution Transformers bonds fer $645,000. noveaber I Purchased $1,600,000 of Mo Corporation K bonds ot face value. American festruments bohds tho corporation bonds 53,139,000 5.,680,000 (Hint Interest must be accrued) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024 as wect as arry adjusting entries necessary at. year-end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustrient, and record the sale. 2 Indicate any amounts that Ornamental insulation would report in its 2024 income stotemem, 2024 statement of comprehensive income, and 12312024 balance sheet as a result of these investments, include totals for net income, comprehersive income. and retained earnings as a result of these investments ignore income taxes Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry for each transaction or cvent during 2024 , as well as ary adjusting entries necessary at year-end. foe any salos, prepare entries to update the fair value adjustment, recerd any reclassification adjustment, and record the sale. \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{2}{*}{>} & 1 & March 31, 2024 & Investment in bonds & 600,000 & \\ \hline & & & Cash & & 600,000 \\ \hline \multirow[t]{2}{*}{7} & 2 & \begin{tabular}{c} September 01, \\ 2024 \end{tabular} & Investment in bonds & 1,200,000 & \\ \hline & & & Cash & & 1,200,000 \\ \hline \multirow[t]{2}{*}{>} & 3 & \begin{tabular}{c} September 30 \\ 2024 \end{tabular} & Cash & 15,000 & \\ \hline & & & Interest revenue & + & 15,000 \\ \hline 7 & 4 & October 02,2024 & No Transaction Recorded & & \\ \hline> & 5 & October 02, 2024 & No Transaction Recorded & & \\ \hline & 6 & October 02,2024 & No Transaction Recorded & & \\ \hline 7 & 7 & \begin{tabular}{l} November 01 , \\ 2024 \end{tabular} & No Transaction Recorded & & \\ \hline> & 8 & \begin{tabular}{c} December 31. \\ 2024 \end{tabular} & No Transaction Recorded & & \\ \hline \multirow[t]{2}{*}{7} & 60 & & & & \\ \hline & 9 & \begin{tabular}{c} December 31 , \\ 2024 \end{tabular} & No Transaction Recorded & & \\ \hline & & & & & \\ \hline & 10 & \begin{tabular}{c} December 31 , \\ 2024 \end{tabular} & No Transaction Recorded & & \\ \hline \end{tabular} Regulinit Required 2 Indicate any amounts that Ornamental insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance sheet as a result of these imventments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes. Note: Amounts to be deducted should be indicated with a minus sign
