The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys equity securities as investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017. Mar. 31 Acquired Distribution Transformers Corporation common stock for $590,000 Sep. Acquired $1,185,000 of American Instruments' common stock Sep. 30 Received a $20,650 dividend on the Distribution Transformers common stock Oct. 2 Sold the Distribution Transformers common stock for $634,000 Nov. 1 Purchased $1,590,000 of M&D Corporation common stock Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments common stock $1,116,000 M&D Corporation common stock 1,669,000 Required 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 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. Answer is not complete 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date General Journal Debit Credit March 31, 2018 Common stock 590,000 Cash 590,000 September 01, 201 Common stock 1,116,000 Cash 1,116,000 September 30, 201 Cash 20,650 Dividend revenue 20,650 October 02, 2018 Cash 634,000 590,000 44,000 Investment in Distribution Transformers stock Gain on sale of investments 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. (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 3 Record the acquisition of Distribution Transformers Corporation common stock for $590,000. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2018 Common stock 590,000 Cash 590,000 Record entry Clear entry View general journal 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 (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 5 6 7 Record the acquisition of $1,185,000 of American Instruments' common stock. Note: Enter debits before credits. Date General Journal Debit Credit September 01, 2018 Common stock 1,116,000 Cash 1,116,000 Record entry Clear entry View general journal 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. (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 7 Record the entry for dividend received on the Distribution Transformers common stock. Note: Enter debits before credits. Date General Journal Debit Credit September 30, 2018Cash 20,650 Dividend revenue 20,650 Record entry Clear entry View general journal 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. (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 6 7 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 Cash 634,000 Investment in Distribution Transformers stock 590,000 44,000 Gain on sale of investments Record entry Clear entry View general journal 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. (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 Record the entry for sale Distribution Transformers common stock for $634,000 Note: Enter debits before credits. Date General Journal Debit Credit October 02, 2018 Record entry Clear entry View general journal 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. (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 Record the acquisition of $1,590,000 of M&D Corporation common stock. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2018 Record entry Clear entry View general journal 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. (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 3 4 Record the entry for Fair-value adjustment. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal Required 1 Required 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 Income statement: Statement of comprehensive income Balance sheet: Assets Current Assets Shareholders' Equity