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. Omamental's fiscal year ends on December 31. No Investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired 8x Distribution Transformers Corporation bonds costing $510,098 at face value. Sep. 1 Acquired $1,065,00e of American Instruments' 1ex bonds at face value. Sep. 38 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $546, eee Nov. 1 Purchased $1,51e, eee of M&D Corporation 6% bonds at face value. Dec. 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 $1,004,000 $1,581, 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 falr-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. ALLT Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any ad For any sales, prepare entries to update the fair-value adjustment, record any reclassification adju entry is required for a transaction/event, select "No joumal entry required" in the first account fiel View transaction list Journal entry worksheet 2 1 3 4 5 6 7 10 9 8 Record the acquisition of 8% Distribution Transformers Corporation bonds costing $510,000 at face value. Note: Enter debits before credits. Debit Credit Date General Journal March 31, 2021 View general journal Clear entry Record entry Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting For 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 > 7 5 6 7 8 9 10 co 4 7 8 9 10 5 2 4 Record the entry for sale of Distribution Transformers bonds for $546,000. Note: Enter debits before credits. Debit Credit General Journal Date October 02, 2021 View general journal Clear entry Record entry Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting For 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 5 6 9 10 Record the acquisition of $1,510,000 of M&D Corporation 6% bonds at face value. Note: Enter debits before credits. Date General Journal Debit Credit November 01. 2021 Clear entry L Record entry View general journal Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and re entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 6 7 10 8 Record the interest accrual for American Instruments bonds. Note: Enter debits before credits. Debit Credit General Journal Date December 31. 2021 View general journal Clear entry Record entry Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entri For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 7 8 10 > 9 6 2 Record the interest accrual for M&D bonds. Note: Enter debits before credits. Debit Credit General Journal Date December 31, 2021 View general journal Record entry Clear entry Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting en For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, a entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet 4 7 5 8 > 00 6 9 1 9 2 3 10 m Record the entry to adjust fair value of the investments at year-end. Note: Enter debits before credits. Debit Credit Date General Journal December 31, 2021 View general journal Record entry Clear entry vestments. Include comprehensive income, and retained earings as a result of these investments. (Amounts to be with a minus sign.) Income statement: Net income $ 0 Statement of comprehensive income: Other comprehensive income: 0 Comprehensive income Balance sheet: Assets Current Assets Noncurrent Assets S Shareholders Equity