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

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Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 1 (50.35 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 2 (39.19 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 3 (37.37 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 4 (34.43 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 5 (37.28 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 6 (34.81 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 7 (36.62 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 8 (36.87 KiB) Viewed 47 times

Cos The Following Selected Transactions Relate To Investment Activities Of Ornamental Insulation Corporation During 2021 9 (40.81 KiB) Viewed 47 times

cos The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities 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, 2020. Mar. 31 Acquired Distribution Transformers Corporation common stock for $530,000. Sep. 1 Acquired $1,095,000 of American Instruments' common stock. Sep. 30 Received a $15,900 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $568,000. Nov. 1 Purchased $1,530,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments common stock M&D Corporation common stock 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 $1,032,000 $1,603,000 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
(ir no entry is required for a transaction/event, select "No journal entry required" in the first account neid.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the acquisition of Distribution Transformers Corporation common stock for $530,000. Note: Enter debits before credits. Date March 31, 2021 Record entry General Journal 7 Clear entry < Required 1 Debit Credit View general journal Required 2 >
(ir no entry is required for a transaction/event, select "No journal entry required in the first account neid.) View transaction list Journal entry worksheet < 3 Record the acquisition of $1,095,000 of American Instruments common stock. Note: Enter debits before credits. Date September 01, 2021 Record entry 4 5 6 7 General Journal Clear entry Required 1 Debit Credit View general Journal Required 2 >
ces (ir 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 the entry for dividend received on the Distribution Transformers common stock. Record entry 4 5 6 7 General Journal Clear entry Required 1 Debit Credit View general Journal Required 2 >
(ir 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 to adjust to fair value on the date of sale of the Distribution Transformers common stock. Date October 02, 2021 5 Record entry General Journal 6 7 Clear entry Required 1 Debit Credit View general journal Required 2 >
(ir no entry is required for a transaction/event, select "No journal entry required in the first account neid.) View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. Date October 02, 2021 5 Record the entry for sale Distribution Transformers common stock for $568,000. Record entry General Journal 6 Clear entry 7 Required 1 Debit Credit View general journal Required 2 >
(ir 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 November 01, 2021 5 Record the acquisition of $1,530,000 of M&D Corporation common stock. Record entry General Journal 6 Clear entry 7 < Required 1 Debit Credit View general journal Required 2 >
(ir 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 Record the entry to adjust fair value of the investments at year-end. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal 6 Clear entry < Required 1 Debit Credit View general Journal Required 2 >
S Complete this question by entering your answers in the tabs below. 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 income, comprehensive income, and retained earnings as a result of these investments. Income statement: Net income Statement of comprehensive income: Other comprehensive income Comprehensive income Balance sheet: Noncurrent Assets Assets Shareholders' Equity < Required 1 Required 2 >