The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys equity securities as investments. None of Ornamentals investments are large enough to exert significant influence on the investee. Ornamentals fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

Mar.		31		Acquired Distribution Transformers Corporation common stock for $520,000.
Sep.		1		Acquired $1,080,000 of American Instruments' common stock.
Sep.		30		Received a $18,200 dividend on the Distribution Transformers common stock.
Oct.		2		Sold the Distribution Transformers common stock for $557,000.
Nov.		1		Purchased $1,560,000 of M&D Corporation common stock.
Dec.		31		Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are:

American Instruments common stock	$	1,018,000
M&D Corporation common stock	$	1,640,000

Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 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.

Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

No	Date	General Journal	Debit	Credit
1	March 31, 2018	Investment in Distribution Transformers stock	520,000
		Cash		520,000
2	September 01, 2018	Investment in American Instruments bonds	1,080,000
		Cash		1,080,000
3	September 30, 2018	Cash	18,200
		Dividend revenue		18,200
4	October 02, 2018	Cash	557,000
		Investment in Distribution Transformers stock		520,000
		Gain on sale of investments		37,000
5	October 02, 2018	Cash	557,000
		Gain on sale of investments		520,000
				37,000
6	November 01, 2018	Gain on sale of investments	1,560,000
		Cash		1,560,000

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.

Income statement:
		$0
Statement of comprehensive income:
Balance sheet:
Assets
Current Assets
		$0
Shareholders Equity