The following selected transactions relate to investment activities of Ornamental Insulation Corporation during $2024.$ 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 warrantOrnamental's fiscal year ends on December $31.$ No Investments were held by Ornamental on December $31,2023$ March $31$ Acquired $6$Distribution Transformers Corporation bonds costing $at face value. September $1$ Acquired $of American Instruments bonds at face value. September $30$ Received semiannual interest payment on the Distribution Transformers bonds $.$ October $2$ Sold the Distribution Transformers bonds for $$568,000.$ November Purchased $ of Corporation $4$bonds at face value. December $31$ Recorded any necessary adjusting entry$($s$)$ relating to the investments. The market prices of the investments are: American Instruments bonds &D Corporation bonds $1,603,000($HintInterest must be accrued $.)$

Required: $1.$ Prepare the appropriate journal entry for each transaction or event during $2024,$ as well as any adjusting entries necessary at year$-$endFor 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 $2024$ income statement, $2024$ statement of comprehensive income, and $(12/31)/2024$ balance sheet as a result of these investments. Include totals for net income, comprehensive income and retained earnings as a result of these investmentsIgnore income taxes.

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