The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamentals 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 $1,400,000 of M&D 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 $ 850,000 M&D Corporation common stock $ 1,460,000 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.

ndicate 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:
Dividend revenueselected answer correct	not attempted	$16,000selected answer correct
Cashselected answer incorrect	not attempted	not attempted
Net income		$16,000
Statement of comprehensive income:
not attempted		not attempted
Other comprehensive income		$10,000selected answer incorrect
Comprehensive income		not attempted
Balance sheet:
Assets
Investments in equity securitiesselected answer incorrect	not attempted	$2,300,000selected answer incorrect
Gain on investmentsselected answer incorrect	not attempted	10,000selected answer incorrect
Noncurrent Assets
not attempted	not attempted
not attempted	not attempted	$0
Shareholders Equity
Comprehensive incomeselected answer incorrect		$10,000selected answer incorrect

• Required 1
• Required 2