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The following selected transactions relate to investment actlilties of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to profit from short-term

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The following selected transactions relate to investment actlilties of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them avallable for sale in years when circurnstances warrant. Ornamental's fiscal year ends on December 31. No Investments were held by Ornamental on December 31,2023. March 31 Acquired 7% Distribution Transforners Corporation bonds costing $440,090 at f ace value. 'Septenber 1 Acquired $960, 0ee of Afrerican Instruments' 98 bonds at face yalue. Septeeber 30 Received seaiannual interest payment on the Distribution Transfarmers bonds. october 2 Sold the Distribution Transforeers bonds for $469,000. Novenber 1 Purchased $1,440,000 of H80 Corporation 5% bonds at face volue. Decewber 31 flecorded any necessary adjustine entry(s) relating to the investiments. The market prices of the investments are: AeericaninstrumentsbondsMebCorporationbonds$906,009$1,504,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate joumal entry for each transaction or event during 2024, as well as any adjusting entries necessary at "year-end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale 2. Indicate any amounts that Omamental 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, comprehenslue income. and retained, eamings as a result of these investments. Ignore income taxes. 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. Note: Amounts to be deducted should be indicated with a minus sign

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