The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $590,000 at face value. Sep. 1 Acquired $1,470,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. 2 Sold the Distribution Transformers bonds for $655,000. Nov. 1 Purchased $2,350,000 of M&D Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are American Instruments bonds M&D Corporation bonds $1,429,000 $2,429,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and Record the acquisition of 8% Distribution Transformers Corporation bonds costing $590,000 at face value. bnds 2 Record the acquisition of $1,470,000 of American Instruments' 10% bonds at face value. 3 Record the entry for the semiannual interest received on the Distribution Transformers bonds. Crec Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. Record the entry for sale of Distribution Transformers bonds for $655,000. sale of the Distribution Transformers bonds. 5 Record the entry for sale of Distribution Transformers bonds for $655,000. unds Record the acquisition of $2,350,000 of M&D Corporation 6% bonds at face value. Record the interest accrual for American Instruments bonds. Cre Record the interest accrual for M&D bonds. 9 Record the entry to adjust fair value of the investments at year-end. Note : COM = journal entry has been entered Income statement: Gain on investments Interest revenue $ 0 $ 0 Net income Statement of comprehensive income: Net income Other comprehensive income Comprehensive income Balance sheet: Assets Current Assets Cash Interest receivable Investments Investment in bonds $ 0 Shareholders Equity Retained earnings