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Problem 12-7 (Algo) Various transactions related to equity investments: fair value through net income; financial statement effects [LO12-5] The following selected transactions relate to Investment activities of Ornamental Insulation Corporation during 2024. The company buys equity securitles as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the Investee. Ornamental's fiscal year ends on December 31. No Investments were held by Ornamental on December 31, 2023. March 31 Acquired Distribution Transformers corporation compn otri. 5520,000. Septenber 1 Septenber 30 october 2 Acquired $1,080,000 of American Insfiruments $520,800 Received a $18,200 dividend on the Distribution Transforimes mon stock. sold the Distribution Transformers common stock for 3357 y 100. Purchased $1,560,000 of M\&0 corporation common stoc 3 . December 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American instruments common stock M\&0 corporation common stock $1,018,006 $1,640,000 Required: 1. Prepare the approprlate journal entry for each transaction or event during 2024 , as well as any adjusting entrles necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive Income, and 1231/2024 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 234567 Record the acquisition of Distribution Transformers Corporation common stock for $520,000. befere credid. Complete this question by entering your answers in the tabs lseiow. Prepare the appropriate journal entry for each transaction or event during 2024, at 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 $1,080,000 of American Instruments' common stock. Complete this question by entering your answers in the tabs berow. Prepare the appropriate journal entry for each transaction or event during 2024, 2 wsell as any adjusting entries necessary at year end. Note: If no entry is required for a transaction/event, select "No journal entry requtused" in the first account field. Journal entry worksheet Record the entry for dividend received on the Distribution Transformers common stock. Note: Enter debits before credits. Complete this question by entering your answers in the labs berow. Prepare the appropriate journal entry for each transaction or event during 2024, ssiwell as any adjusting entries necessary at year end. Note: If no entry is required for a transaction/event, select "No journal entry requred" in the first account field. Journal entry worksheet

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