Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement ofcomprehensive 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 these investments. (Amounts to be deducted should be indicatedwith a minus sign.)Income statement:Net incomeStatement of comprehensive income:Comprehensive incomeBalance sheet:Current AssetsInvestmentsAssetsShareholders' Equity$SS0 The following selected transactions relate to investment activities of Omamental Insulation Corporation during 2021. The companybuys 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 $540,000 at face 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 areAmerican Instruments bondsM&D Corporation bonds(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 yearend.2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensiveincome, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, andretained earnings as a result of these investments.Complete this question by entering your answers in the tabs below.Required 1Den theRequired 2View transaction listRequired 1 Required 2Prepare the appropriate journal entry for each transaction or event during 2021, 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.)1a facional ante for arch ternanation as munt de 1871Journal entry worksheet$1,274,000$2,174,000Note: Enter debits before credits.DateMarch 31, 2021 Investment in bondsCashDaloRecord the acquisition of 8% Distribution Transformers Corporation bondscosting $540,000 at face value.General JournalRecord entry6Record entry7Record entry8Debit540,000March 31, 2021 Investment in bonds9DateMarch 31, 2021 Investment in bondsCreditOGNITI AI VUUTTIAI540,000>No journal entry requiredCashFair value adjustmentGain on investments (NI)Gain on investments (unrealized, NI)DateMarch 31, 2021 Investment in bondsGeneral JournalGain on investments (unrealized, OCI)Insurance expenseInterest receivableInterest revenueInvestment in bondsGeneral JournalInvestment in bondsLoss on investments (NI)Loss on investments (unrealized, NI)Loss on investments (unrealized, OCI)Retained earnings||||ITTID{

Investment - An investment is an asset that an investor has produced with their own money and…

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. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Net income Statement of comprehensive income: Comprehensive income Balance sheet: Current Assets Assets S S 0 0

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. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Net income Statement of comprehensive income: Comprehensive income Balance sheet: Current Assets Assets S S 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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