The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys equity securities as noncurrent investments. None of Ornamentals investments are large enough to exert significant influence on the investee. Ornamentals fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023.

March 31	Acquired Distribution Transformers Corporation common stock for $530,000.
September 1	Acquired $1,095,000 of American Instruments' common stock.
September 30	Received a $15,900 dividend on the Distribution Transformers common stock.
October 2	Sold the Distribution Transformers common stock for $568,000.
November 1	Purchased $1,530,000 of M&D Corporation common stock.
December 31	Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are:

American Instruments common stock	$ 1,032,000
M&D Corporation common stock	$ 1,603,000

Required:

1. Prepare the appropriate journal entry for each transaction or event during 2024, as well as any adjusting entries necessary at year end.
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 investments. Ignore income taxes.
3. Journal Entries are as follows: 1. Record the acquisition of Distribution Transformers Corporation common stock for $530,000. 2. Record the acquisition of $1,095,000 of American Instruments' common stock. 3. Record the entry for dividend received on the Distribution Transformers common stock. 4. Record the entry to adjust to fair value on the date of sale of the Distribution Transformers common stock. 5. Record the entry for sale Distribution Transformers common stock for $568,000. 6. Record the acquisition of $1,530,000 of M&D Corporation common stock. 7. Record the entry to adjust fair value of the investments at year-end.