The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. 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 when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017. Mar. 31 Acquired 6% Distribution Transformers corporation bonds costing $430,000 at face value Sep. 1 Acquired $945,000 of American Instruments, 8% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds Oct. 2 Sold the Distribution Transformers bonds for $458,000 Nov. 1 Purchased $1,410,000 of M&D Corporation 4% bonds costing at face value. Dec. 31 Recorded any necessary adjusting entry (s) relating to the investments. The market prices of the investments are: s 892,000 $1,493,000 American Instruments bonds M&D Corporation bonds Hint: Interest must be accrued.,) Required 1. Prepare the appropriate journal entry for each transaction or event during 2018, 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 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 45 6 78 9 10 Record the acquisition of 6% Distribution Transformers Corporation bonds costing $430,000 at face value. Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 10 Record the acquisition of 945,000 of American Instruments, 8% bonds at face value. Note: Enter debits before credits. Date General Journal Debit Credit September 01, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K12345 678 910 Record the entry for the semiannual interest received on the Distribution Transformers bonds Note: Enter debits before credits Date General Journal Debit Credit September 30, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K123 4 5 67 8 910 Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. Note: Enter debits before credits Date General Journal Debit Credit October 02, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 6 10 Record the entry for the reclassification adjustment on the date of sale Note: Enter debits before credits. Date General Journal Debit Credit October 02, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 7 8 10 Record the entry for sale of Distribution Transformers bonds for $458,000 Note: Enter debits before credits. Date General Journal Debit Credit October 02, 2018 Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K12 3 4 5 671 8 9 10 Record the acquisition of $1,410,000 of M&D Corporation 4% bonds at face value. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no 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 3 45 678 9 10 Record the interest accrual for American Instruments bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K123 4 5 67 8 9 10 Record the interest accrual for M&D bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Required 1Required 2 Prepare the appropriate journal entry for each transaction or event during 2018, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 10 Record the entry for Fair-value adjustment. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2018 Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Statement of comprehensive income Balance sheet Assets Current Assets Investments Shareholders' Equity Accumulated other comprehensive income