The following selected transactions relate to investment activities of Omamental insulation Corporation during 2024. The company buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired Distribution Transforners Corporation common stock for $570,008. Septenber 1 Acquired $1,155,000 of Anerican Instrunents' common stock. September 30 Received a $22,800 dividend on the 0istribution Transforners connon stock. october 2 Sold the 0istribution Transformers common stock for $512,000. Novenber 1 Purchased $1,570,008 of MS0 Corporation comson stock. December 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investinents American Instrunents connon stock $1,088,8e0 MSO Corporation common stock \$ 1,649 , eee Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024, as well as any adjusting entries necessary at year end. 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 investments. Include totals for net income, comprehensive 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 joumal entry for each transaction or event during 2024, as well as any adjusting entries necessary at year end. Note: if no entry is required for a transactionvevent, select "No journal entry required" in the first account. field. MSO Corporation connon stock $1,649,000 equired: 1. Prepare the appropriate journal entry for each transaction or event during 2024 , as well as any adjusting entries necessary at year end. 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 investments. Includie totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes. Complete this question by entering your answers in the tabs below. 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 investments. Include totals for net income, comprehensive income, and retained earnings as a result of these imvestments. Ignore income taxes
