The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. 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, 2017. Mar. 31 Acquired 8% Distribution Transformers corporation bonds costing $value. Sep. 1 Acquired $1,320,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $580,000 Nov . 1 Purchased $2,100,000 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: Nor Distribut ioa ferest payseat on tha plot bonds at face 8540.000 at face value. American Instruments bonds M&D Corporation bonds $1,274,000 $2,174,000 (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 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. quired 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.) Date General Journal Debit Credit March 31, 2018 Investment in Distribution Transformers bonds 540,000 Cash 540,000 September 01, 201 Investment in American Instruments bonds 1,320,000 Cash 1,320,000 September 30, 201 Cash 21,600 Interest revenue 21,600 4 October 02, 2018 Fair value adjustment 40,00001 Unrealized holding gain-NI 0,000 October 02, 2018Cash 580,000 Gain on sale of investments 0,000 Investment in Distribution Transformers bonds 540,000 November 01, 2018Investment in M&D Corporation bonds 2,100,000 Cash 2,100,000 December 31, 2018 Interest receivable 44,000 Interest revenue 44,000 December 31, 2018 Interest receivable 21,000 Interest revenue 21,000 December 31, 2018Fair value adjustment 28,000 Unrealized holding gain-NI 28,000 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. (Amounts to be deducted should be indicated with a minus sign.) Income statement: 86,600 40,000 Interest revenue Investment in American Instruments bonds Net income $ 126,600 Statement of comprehensive income Net income Balance sheet: Assets Current Assets Interest receivable $65,000 Investments $ 3,420,000 Investment in M&D Corporation bonds Add: Fair value adjustment 28,000 3,448,000 Shareholders' Equity Accumulated depreciation $ 28,000