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.

1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year-end.

3/31/2021 Record the acquisition of Distribution Transformers Corporation common stock for $460,000. 9/1/2021 Record the acquisition of $990,000 of American Instruments' common stock. 9/30/2021 Received a $13,800 dividend on the Distribution Transformers common stock. 10/2/2021 Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. 10/2/2021 Record the entry for sale Distribution Transformers common stock for $491,000. 11/1/2021 Record the acquisition of $1,440,000 of M&D Corporation common stock. 12/31/2021 Record the entry to adjust fair value of the investments at year-end.

American Instruments common stock $934,000 M&D Corporation common stock $1,526,000

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.

Income statement: $ Net income Statement of comprehensive income: Other comprehensive income Comprehensive income Balance sheet: Assets Current Assets Noncurrent Assets $ Shareholders' Equity