journal entries and other, answers only

The following selected transactions relate to investment activities 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 securitles to maturity but to have them avallable for sale in years when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2023, March 31 Acquired Ex Distribution Iransformers Corporation bonds costing $430, 000 at face value. Septenber 1 Acquired $945,000 of American Instruments' st bonds at face value. Septenber 10 Received seniannual interest paypent on the Oistribution. Transformers bonds. october 2 sold the Distribution Transformers bonds for $458,000. Novenber, 2 Purchased $1,410,609 of Nob Corporation 4X bonds at face value. December 31 Recorded any necessary adjusting entry (s) relating to the investinents, The market prices of the investents are: American Instruments bonds now corporatton bonds 5892,eeg 31,493, eep (Hint interest must be accrued) Required: 1. Prepore the approptiote journal entry for each tronsaction or event during 2024, as well as any acjusting entries necessary at year-end. For ary sales, prepare entries to update the foir-value adjustment, record ony reciassification adjustment, and record the sale. 2. Indicote any amounts thet Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance shcet as a result of these investments include totals for net income, comprehensive income. and refained eamings as a resuit of these investments Igriore income taxes. Journal entry worksheet Record the acquisition of 6% Distribution Transformers Corporation bonds costing $430,000 at face value. Note: Enter debits before credits. Income statement: \begin{tabular}{|l|l|} \hline Net income \\ \hline Statement of comprehensive income: \\ \hline Other comprehensive income: & \\ \hline Comprehensive income & \\ \hline Balance sheet: & \\ \hline Current Assets & \\ \hline & \\ \hline & \\ \hline Noncurrent Assets & \\ \hline & \\ \hline \end{tabular}