The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamentals fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

Mar.		31		Acquired 8% Distribution Transformers Corporation bonds costing $550,000 at face value.
Sep.		1		Acquired $1,350,000 of American Instruments' 10% bonds at face value.
Sep.		30		Received semiannual interest payment on the Distribution Transformers bonds.
Oct.		2		Sold the Distribution Transformers bonds for $595,000.
Nov.		1		Purchased $2,150,000 of M&D Corporation 6% bonds at face value.
Dec.		31		Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are

American Instruments bonds	$	1,305,000
M&D Corporation bonds	$	2,225,000

(Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments

NOTE: please solve these questions correctly with details

No Date General Journal Credit Debit 550,000 1 March 31, 2021 Investment in bonds Cash 550,000 2 September 01, 20 Investment in bonds 1,350,000 Cash 1,350,000 3 September 30, 201 Cash 22,000 Interest revenue 22,000 4 595,000 October 02, 2021 Fair value adjustment Gain on investments (unrealized, NI) Cash 550,000 45,000 X 5 2,150,000 October 02, 2021 Cash Investment in bonds 2,150,000 X 6 November 01, 202 Investment in bonds 45,000 Cash 45,000 X 7 December 31, 202 Interest receivable 30,000 Interest revenue 30,000 8 December 31, 202 Interest receivable Interest revenue 9 December 31, 202 Fair value adjustment rach Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 st comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include tota comprehensive income, and retained earnings as a result of these investments. (Amounts to be dedu indicated with a minus sign.) Income statement: Interest revenue Gain on investments $ 22,000 45,000 % $ 67,000 Net income Statement of comprehensive income: Net income $ 22,000 22,000 Comprehensive income Balance sheet: Assets Current Assets Cash $ 45,000 Investments Investment in bonds Add: Fair value adjustment Shareholders' Equity Retained earnings $ 3,500,000 30,000 $ 3,530,000 $ 30,000