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 securmes to maturity, but to have them available for sale in years when circumstances warrant. Omamental's fiscal year ends on December 31. No trivestments were held by Omamental on December 31, 2020 Mar. 31 Acquired 2x Distribution Transformers Corporation bonds costing $440,000 at face values Sep 1 Acquired $950,000 of American Instruments 94 bonds at face value. Sep 30 Received setannual Interest payment on the Distribution Transformers bords Oct Sold the Distribution Transformers bonds for 3469,000 Nav 1 Purchased $1,440,000 of MD Corporation & bonds at face value Dec. 31 Recorded any necessary adjusting entry) relating to the investments, the market prices of the Investiments are: American Instrument bonds CMD Corporation bonds $ 205,000 $1,500,000 (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 your end. For any sales, prepare entries to update the fol value adjustment record any reassination adjustment and record the cole 2. Indicate any mounts that momental insulation would report in 2021 income statement 2021 Statement of comprehensive income, and 12/312021 balance sheet as a result of these investments include rotais 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. quired: Required 2 Prepare the appropriate that entry for each transaction or event during 20234 Welly adjusting entries necessary at year and on sales propre entries to update the fair value adjustment record classification adatment and record the sale a durante tomate al Journal entry worksheet ARN, UUMEVZUATIILE CU U ICOUIE VELICE LIVCOTCHILO. ILUU WWID Vire retained earnings as a result of these investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 20 comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include comprehensive income, and retained earnings as a result of these investments. (Amounts to be with a minus sign. ancome statement Statement of comprehensive income Balance sheet 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 matury but to have them available for sale in years when circumstances warrant Omamental's fiscal year ends on December 31. No Investments were held by Omamental on December 31, 2020, ar See ESP OCE quired stribution Transformers Corporation bonds costing 3400, at face valoa Acquired 3960, of American Instruments bonds at face value 30 deceived annual interest payment on the Distribution Transformers bonds 5018 the Distribution Teans Forbees bonds for $400.00 Purchased 31,440.00 OF MD Corporation bonds at face value dodany necessary adjusting ente) relating to the investments. The vet prices of the investatare es rican Instruments and Coronton bonds $900. $1,500,000 interest must be accrued) Required: Prepare the appropriate Journs entry for each transaction or aventuring 2021 or wet on any adjusting entries necessary at year ed: For any sales prepare entries to update the fair value usentracord y Tecnication adjustment and record the tale 2 tocate ang amounts that momento insulation would not in 202110come statement 2021 statement of comprehensive income and 12/31/2021 bance sheet os result of these investments include totes for her income, comprensive income, and vetained earnings as a result of these investment Coorplate this question by entering your answers in the tabs below. Red Required amounts that mental Insulatiould reportit 2021 comentament 2011 statement of and 1/3/2021 balance hits out of the investits Include totale for net income Non incond retained in to these arbeidectetuer
