The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023. March 31 Acquired 8% Distribution Transformers Corporation bonds costing $510,000 at face value. September 1 Acquired $1,230,000 of American Instruments' 10% bonds at face value. September 30 Received semiannual interest payment on the Distribution Transformers bonds. October 2 Sold the Distribution Transformers bonds for $590,000. November 1 Purchased $1,950,000 of M&D Corporation 6% bonds at face value. December 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds M&D Corporation bonds (Hint: Interest must be accrued.) Required: $ 1,181,000 $ 2,021,000 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 retained earnings as a result of these investments. Ignore income taxes. 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 2024, as well as any adjusting entries necessary at year end. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 > Record the acquisition of 8% Distribution Transformers Corporation bonds costing $510,000 at face value. Journal entry worksheet 1 2 3 4 60 7 8 9 Record the acquisition of $1,230,000 of American Instruments' 10% bonds at face value. > Journal entry worksheet < 1 2 3 4 5 6 789 Record the entry for the semiannual interest received on the Distribution Transformers bonds. Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the acquisition of $1,950,000 of M&D Corporation 6% bonds at face value. > Journal entry worksheet < 1 2 3 4 5 6 7 8 9 > Record the interest accrual for American Instruments bonds. Note: Enter debits before credits Journal entry worksheet 1 2 3 4 5 6 7 8 Record the interest accrual for M&D Corporation bonds. 6 > Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the entry to adjust fair value of the investments at year-end. 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 retained earnings as a result of these investments. Ignore income taxes. Income statement: Net income Statement of comprehensive income: Other comprehensive income Comprehensive income Balance sheet: Current Assets Investments Assets Shareholders' Equity $ 0 $ 0 69 $ 0 Journal entry worksheet < 1 2 3 4 5 Record the entry for sale of Distribution Transformers bonds for $590,000. 6 7 8 9 >