The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity. but to have them available for sale in years when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired 74 Distribution Transformers Corporation bonds costing $490,000 at face value. Sep. 1 Acquired $1,035,800 of American Instruments' 8 bonds at face value. Sep. 30 Received semiannual interest paynent on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $524,000. Nov. 1 Purchased $1,500,000 of MD Corporation 54 bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: Anerican Instruments bonds M&D Corporation bonds $ 976,000 $1,570,000 (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. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale. 2. Indicato any amounts that Ornamental Insulation would report in its 2021 Income statement, 2021 statement of comprehensive Income, and 12/312021 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. Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end For any sales, prepare entries to update the fair value adjustment, record any reclassification adjustment, and record the sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account held.) View transaction lit Journal entry worksheet 1 2 3 4 5 6 7 8 o 10 DARAHAT PART Pretinha