The following selected transactions relate to investment activities of Ornamental Insulation Corporation during $2024.$ 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 Omamental on December $31,2023.$

March $31$ Acquired $8\%$ Distribution Transformers Corporation bonds costing $$600,000$ at face value.

September $1$ Acquired $$1,500,000$ of American Instruments' $10\%$ bonds at face value.

September $30$ Received semiannual interest payment on the Distribution Transformers bonds.

October $2$ Sold the Distribution Transformers bonds for $$670,000.$

November $1$ Purchased $$2,400,000$ of M&D Corporation $6\%$ bonds at face value.

December $31$ Recorded any necessary adjusting entry$($s$)$ relating to the investments. The market prices of the investments are

$($Hint: Interest must be accrued.$)$

Required:

Prepare the appropriate journal entry for each transaction or event during $2024,$ as well as any adjusting entries necessary at

year end.

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.

Complete this question by entering your answers in the tabs below.

Prepare the appropriate journal entry for each transaction or event during $2024,$ as well as any adjusting entries necessary at year end.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the acquisition of $8\%$ Distribution Transformers Corporation bonds