The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental's 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, 2020 Mar. 31 Acquired Distribution Transformers Corporation common stock for $400,000. Sep. 1 Acquired $900,000 of American Instruments' common stock. Sep. 30 Received a $16,000 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $425,000. Nov. 1 Purchased $1,480,000 of MD 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 MD Corporation common stock $ 350. $1,450,000 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 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, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments include totals for not income comprehensive income, and retained earnings as a result of these investments Income statement Required 1 Required 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. Income statement $ 16000 Dividend revenue Gain on investments 35.000 $ 51,000 51.000 Net income Statement of comprehensive income Net income Other comprehensive income Comprehensive income Balance sheet Assets $ 5 $ 51 000 $ 51000 Necment Assets $ 2300.000 10000 2310 000 Investments in equity securbes Add. Fair value a ntrent Shareholders Equity Retained earnings 51 000 (Required 1 Prey 1 of 4 !! Next > The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental's 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, 2020 Mar. 31 Acquired Distribution Transformers Corporation common stock for $400,000. Sep. 1 Acquired $900,000 of American Instruments' common stock. Sep. 30 Received a $16,000 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $425,000. Nov. 1 Purchased $1,480,000 of MD 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 MD Corporation common stock $ 350. $1,450,000 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 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, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments include totals for not income comprehensive income, and retained earnings as a result of these investments Income statement Required 1 Required 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. Income statement $ 16000 Dividend revenue Gain on investments 35.000 $ 51,000 51.000 Net income Statement of comprehensive income Net income Other comprehensive income Comprehensive income Balance sheet Assets $ 5 $ 51 000 $ 51000 Necment Assets $ 2300.000 10000 2310 000 Investments in equity securbes Add. Fair value a ntrent Shareholders Equity Retained earnings 51 000 (Required 1 Prey 1 of 4 !! Next >
