ty!!! Add to Babylist Hotel Hyatt House... Login - Sofi Apply: Homework (due day 7 ( Saved Help Sav The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. 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 available for sale in years when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Book Mar. 31 Acquired 6% Distribution Transformers Corporation bonds costing $540,000 at face value. Sep. 1 Acquired $1,110,000 of American Instruments' 8% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $579,000. Nov. 1 Purchased $1,560,000 of M&D Corporation 4% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: Print rences American Instruments bonds M&D Corporation bonds $1,046,000 $1,635,000 (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. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale. 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 retained earnings as a result of these investments Journal entry worksheet 1 3 5 6 7 8 9 10 A Record the acquisition of 6% Distribution Transformers Corporation bonds costing $540,000 at face value. Note: Enter debits before credits. Debit Credit Date General Journal March 31, 2021 Investment in bonds Cash Record entry Clear entry View general journal n hp VO 5 6 & 7 8 ucation.com/ext/map/ind Add to Babylist B Hotel Hyatt House... Login - Sofi Saved mework [due day 7 i Journal entry worksheet 1 2 5 6 7 8 9 10 Record the acquisition of $1,110,000 of American Instruments' 8% bonds at face value Note: Enter debits before credits. General Journal Debit Credit Date September 01, 2021 Investment in bonds Cash Record entry Clear entry View general journal Journal entry worksheet 1 3 5 6 7 8 9 10 A Record the acquisition of 6% Distribution Transformers Corporation bonds costing $540,000 at face value. Note: Enter debits before credits. Debit Credit Date General Journal March 31, 2021 Investment in bonds Cash Record entry Clear entry View general journal n hp VO 5 6 & 7 8 ucation.com/ext/map/ind Add to Babylist B Hotel Hyatt House... Login - Sofi Saved mework [due day 7 i Journal entry worksheet 1 2 5 6 7 8 9 10 Record the acquisition of $1,110,000 of American Instruments' 8% bonds at face value Note: Enter debits before credits. General Journal Debit Credit Date September 01, 2021 Investment in bonds Cash Record entry Clear entry View general journal