The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The compa buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influen the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired Distribution Transformers Corporation common stock for \$54e, 80. September 1 Acquired $1,110,000 of American Instruments common stock. September 30 Received a $16,200 dividend on the Distribution Transformers comon stock. October 2 sold the Distribution Transformers common stock for $579,600. November 1 Purchased $1,560,000 of M\&0 Corporation comnon stock. December 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: Arerican Instruments common stock $1,e46,ee0 MBD Corporation comen stock $1,635,000 Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024 , as well as any adjusting entries necessary year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehen income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive incom and ratainert oarninne ac a resilt nf thece invectments Innoro inrome taves The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired Distribution Transformers Corporation common stock for $54e,869. Septenber 1 Acquired $1,110, 00 of of American Instruments" comon stock. September 30 Received a $16,200 dividend on the Distribution Transformers comnon stock. October 2 sold the Distribution Transformers common stock for $579,009. Novenber 1 Purchased $1,560,000 of MSD Corporation conon stock. Decenber 31 Recorded any necessary adjusting entry(s) relating to the investnents. The market prices of the investinents are: American Instruments comnon stock Mes Corporation conmon stock $1,046,000$1,635,000 Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive. income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retoined earnings as a result of these investments. Ignore income taxes. \begin{tabular}{|c|c|c|c|c|} \hline No & Date & Investment in Genal Journal & Debit & Credit \\ \hline \multirow[t]{3}{*}{1} & March 31, 2024 & \begin{tabular}{l} Investment in equity securities \\ Cash \end{tabular} & 540,000 & \\ \hline & & & & 540,000 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{2} & September 01, 20 & Investment in equity securities & 1,100,000 & \\ \hline & & 8 & & 1,100,000 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{3} & September 30,20 & Cash & 16,200 & \\ \hline & & Dividend revenue & & 16,2000 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{4} & October 02,2024 & Fair value adjustment & 39,000 & \\ \hline & & Gain on investments (unrealized, NI) & & 39,000 \\ \hline & & & & \\ \hline 5 & October 02, 2024 & Cash & 579,000 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & & Dividend revenue & 0 & & 16,2000 \\ \hline \multirow{3}{*}{4} & & & & & \\ \hline & October 02,2024 & Fair value adjustment & 0 & 39,0000 & \\ \hline & & Gain on investments (unrealized, NI) & 0 & & 39,0000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{5} & October 02, 2024 & Cash & 0 & 579,0000 & \\ \hline & & Investment in equity securities & & & 579,000 \\ \hline & & Fair value adjustment & 0 & & 39,0000 \\ \hline \multirow[t]{2}{*}{6} & November 01,202 & Investment in equity securities & 0 & 1,560,0000 & \\ \hline & & Cash & 0 & & 1,560,0000 \\ \hline \multirow[t]{2}{*}{7} & December 31,202 & CFair value adjustment & 0 & 21,0008 & \\ \hline & & Gain on investrnents (unrealized, NI) & 0 & & 21,000 \\ \hline \end{tabular} Required 2 > comprenensve income, ana retanea earnngs as a resuit or these investments
