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 Omamental's fiscal year ends on December 31. No Investments were held by Ornamental on December 31, 2020 Sep Mar 31 Acquired 7 distribution Transformers Corporation bonds costing $44,990 at face value. Sep. Acquired 596,000 of American Instruments! 9x bonds at face value. Received semiannual interest payment on the Distribution Transformers bonds det 2 Sold the Distribution Transformers bonds for $469,be. Purchased $1,440,000 of MD Corporation x bonds at face value. Dec 31 Recorded any necessary adjusting entry(srelating to the investments. The market prices of the investments NOW American Instruments bonds HAD Corporation bonds S 986,000 $1.584,000 The 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 folt volue adjustment record any teciassification adjustment and record the sale. 2 Indicate any amounts that Ornamental insulation would report in its 2021 income statement 2021 statement of comprehensive income, and 12312021 balance sheetos a result of these investments include toals for net income, comprehensive income, and retamecomings as a result of these mnvestments Complete this question by entering your answers in the tabs below. SU Required 3 journal entry Mortant Antrato date the UN maiting on estry at yan and filiati ad utent and read the alt BU 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. 2. indicate any amounts that Omamental 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 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 on required for a transaction/event select "No joumatentry required to the first account field.) View transactions Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Record the acquisition of 7% Distribution Transformers Corporation bonds ating $440,000 at face value Eten en dit Date General Journal De Eredit en 2001 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. Amounts to be deducted should be indicated with a minus lign.) Income statement Net income Statement of comprehensive income 5 0 Other comprehensive income comprehensive income Balance sheet SUS en MA Bandet stevi
