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 Ornamental's fiscal year ends on December 31, No investments were held by Omamental on December 31, 2020. Mar. 31 Acquired 2% Distribution Transformers Corporation bonds costing $510,000 at face value Sep. 1 Acquired $1,065,000 of American Instruments' 10% bonds at face value Sep 30 Received semiannual interest payment on the Distribution Transformers bonds Oct. 2 Sold the Distribution Transformers bonds for $546,000. Nov. 1 Purchased $1,510,000 of HAD Corporation 6% bonds at face value. Dec 31 Recorded any necessary adjusting entry() relating to the investments. The market prices of the investments are: American Instruments bonds MAD Corporation bonds $1,004,000 $1,553,000 (Hint: 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 fair value adjustment record any reclassification 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 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 to entering your answers in the tabs below. Required ed2 e the appropriate journal entry for each transaction or event during 2021, as well as any y sales, prepare entries to update the fair-value adjustment, record any reclassification ac is required for a transaction/event, select "No journal entry required" in the first account transaction list Journal entry worksheet Record the acquisition of 8% Distribution Transformers Corporation bonds costing $510,000 at face value. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2021 Insurance expense Interest receivable Interest revenue Investment in bonds Loss on investments (NI) Lors on investments [unrealized, NI Record entry View general journal Record the entry for the reclassification adjustment on the date of sale. Note: Enter debits before credits General Journal Debit Credit Date October 02, 2021 Record entry Clear entry View general Journal Record the entry for sale of Distribution Transformers bonds for $546,000. Note: Enter debits before credits Date General Journal Debit Credit October 02, 2021 Record entry Clear entry View general journal To search o . * Ecom/ext/map/index.html?_con=con&external browser Saved ter 12) equired 1 Required 2 repare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting or any sales, prepare entries to update the fair value adjustment, record any reclassification adjustment entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 9 5 3 10 4 6 7 GD Record the acquisition of $1,510,000 of M&D Corporation 6% bonds at face value. Note: Enter det before credits General Journal Debit Credit Date November 01, 2921 Record entry Clear entry View general Journal to search O quired 1 Required 2 epare the appropriate journal entry for each transaction or event during 2021, as well as any adju any sales, prepare entries to update the fair value adjustment, record any reclassification adjus try is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet o search $ equired 1 Required 2 repare the appropriate journal entry for each transaction or event during 2021, as well as any adjustin or any sales, prepare entries to update the fair value adjustment, record any reclassification adjustme entry is required for a transaction/event, select "No journal entry required" in the first account hield.) View transaction list Journal entry worksheet o to search 99 uired 1 Required 2 are the appropriate journal entry for each transaction or event during 2021, as well as any any sales, prepare entries to update the fair-value adjustment, record any reclassification ad cry is required for a transaction/event, select "No journal entry required" in the first account fi View transaction list Journal entry worksheet 8 10 1 3 5 6 7 2 4 Record the entry to adjust fair value of the investments at year-end. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 Record entry Clear enti View general Journal Record the acquisition of 8% Distribution Transformers Corporation bonds costing $510,000 at face value. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2021 Insurance expense Interest receivable Interest revenue Investment in bonds Loss on investments (NI) Lors on investments [unrealized, NI Record entry View general journal Record the entry for the reclassification adjustment on the date of sale. Note: Enter debits before credits General Journal Debit Credit Date October 02, 2021 Record entry Clear entry View general Journal Record the entry for sale of Distribution Transformers bonds for $546,000. Note: Enter debits before credits Date General Journal Debit Credit October 02, 2021 Record entry Clear entry View general journal To search o . * Ecom/ext/map/index.html?_con=con&external browser Saved ter 12) equired 1 Required 2 repare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting or any sales, prepare entries to update the fair value adjustment, record any reclassification adjustment entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 9 5 3 10 4 6 7 GD Record the acquisition of $1,510,000 of M&D Corporation 6% bonds at face value. Note: Enter det before credits General Journal Debit Credit Date November 01, 2921 Record entry Clear entry View general Journal to search O quired 1 Required 2 epare the appropriate journal entry for each transaction or event during 2021, as well as any adju any sales, prepare entries to update the fair value adjustment, record any reclassification adjus try is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet o search $ equired 1 Required 2 repare the appropriate journal entry for each transaction or event during 2021, as well as any adjustin or any sales, prepare entries to update the fair value adjustment, record any reclassification adjustme entry is required for a transaction/event, select "No journal entry required" in the first account hield.) View transaction list Journal entry worksheet o to search 99 uired 1 Required 2 are the appropriate journal entry for each transaction or event during 2021, as well as any any sales, prepare entries to update the fair-value adjustment, record any reclassification ad cry is required for a transaction/event, select "No journal entry required" in the first account fi View transaction list Journal entry worksheet 8 10 1 3 5 6 7 2 4 Record the entry to adjust fair value of the investments at year-end. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 Record entry Clear enti View general Journal