The following selected transactions relate to investment activities of Omamental Insulation Corporation during 2024. The company buys equity securities as noncuirent investments. None of Omamental'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 Transforaers Corporation cotenon stock for 5590,000. September 1 Acquired $1,185,000 of Anerican Instrusents' coten btock. September 30 Recelved a $28,650 dividend on the Distribution Transformens connon stock. October 2 sold the Distribution Transformers conan stock for pere, bend. Novenber 1 Purchased $1,510,000 of MBD Corporation comin stock. Decenber 31 flecorded any necessary adjusting entry (s) relating to the investnents. The market prices of the investments are: AmericanInstrumentscomanstockHBDCorporationcomonstockS1,116,000s1,669,009 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 Omamental 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 resuit of these investments. Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal 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 transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 34567 Record the acquisition of Distribution Transformers Corporation common stock: for $590,000. Nate: Enter debits before credits. 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. 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 investments
