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The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2 0 2 4 . The company buys debt securities , intending
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during The company buys debt securities intending to profit from shortterm differences in price and maintaining them in an active trading portfolio. Ornamentals fiscal year ends on December No investments were held by Ornamental on December
March Acquired Distribution Transformers Corporation bonds costing $ at face value.
September Acquired $ of American Instruments' bonds at face value.
September Received semiannual interest payment on the Distribution Transformers bonds.
October Sold the Distribution Transformers bonds for $
November Purchased $ of M&D Corporation bonds at face value.
December Recorded any necessary adjusting entrys relating to the investments. The market prices of the investments are
American Instruments bonds $
M&D Corporation bonds $
Hint: Interest must be accrued.
Required:
Indicate any amounts that Ornamental Insulation would report in its income statement, statement of comprehensive income, and 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.
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