ces The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021

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Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 1 (45.32 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 2 (36.72 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 3 (38.68 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 4 (38.09 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 5 (41.57 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 6 (40.4 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 7 (39.29 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 8 (36.97 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 9 (38.97 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 10 (43.76 KiB) Viewed 60 times

Ces The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 11 (50.22 KiB) Viewed 60 times

ces The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys 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 88 Distribution Transformers Corporation bonds costing $550,000 at face value. Sep. 1 Acquired $1,350,000 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 $595,000. Nov. 1 Purchased $2,150,000 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 are American Instruments bonds M&D Corporation bonds $1,305,000 $2,225,000 (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. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare 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.) View transaction list
Book Print ferences Mc Gram Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary a (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. Date March 31, 2021 Record entry 5 6 Record the acquisition of 8% Distribution Transformers Corporation bonds costing $550,000 at face value. General Journal Clear entry 7 8 9 Debit Credit View general journal
ook Print ferences Mc Gram Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date September 01, 2021 Record entry 4 5 6 Record the acquisition of $1,350,000 of American Instruments' 10% bonds at face value. General Journal Clear entry 7 8 9 Debit Credit View general journal
ces Ac Hraw Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Note: Enter debits before credits. Date September 30, 2021 Record entry 4 5 6 Record the entry for the semiannual Interest received on the Distribution Transformers bonds. General Journal Clear entry 7 8 9 Debit Credit View general journal
tes Mc Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necess (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date October 02, 2021 Record entry 4 5 Record the entry to adjust to fair value on the date of sale of the Distribution Transformers bonds. 6 7 8 General Journal Clear entry 9 Debit Credit View general journal
os ic Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Record the entry for sale of Distribution Transformers bonds for $595,000. Date October 02, 2021 Record entry 6 General Journal Clear entry 7 8 9 Debit Credit View general Journal
Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at ye (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date November 01, 2021 4 Record entry 5 6 Record the acquisition of $2,150,000 of M&D Corporation 6% bonds at face value. General Journal Clear entry 7 8 9 Debit Credit View general journal
ok rint erences Me Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at y (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Date December 31, 2021 Record the interest accrual for American Instruments bonds. Record entry 6 General Journali Clear entry 7 D 8 9 Debit Credit View general journal
ok int erences Mc Graw Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary a (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the interest accrual for M&D bonds. Note: Enter debits before credits. Date December 31, 2021 Record entry 5 6 General Journal Clear entry 7 8 9 Debit Credit View general journal
Required 1 Required 2 Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries ne (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the entry for Fair-value adjustment. Note: Enter debits before credits. Date December 31, 2021 5 Record entry 6 General Journal Clear entry 7 8 9 D Debit Credit View general journal
ok rint erences Mc Required 1 Required 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 incom comprehensive income, and retained earnings as a result of these investments. (Amounts to be deducted should be with a minus sign.) Income statement: Statement of comprehensive income: Other comprehensive income Balance sheet Current Assets Investments Assets Shareholders' Equity < Required 1 Required 2 >