Question: can't figure out whats wrong send me your answer please The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The
can't figure out whats wrong send me your answer please



The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017 Mar. 31 Acquired 8 Distribution Transformers corporation bonds costing $400,000 at face value. Sep. 1 Acquired $900,000 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 $425,000. Nov. 1 Purchased $1,400,000 of M&D Corporation 6% bonds costing at face value Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: $ 850,000 $1,460,000 American Instruments bonds M&D Corporation bonds (Hint: Interest must be accrued.) Required 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investents. The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale when circumstances warrant. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017 Mar. 31 Acquired 8 Distribution Transformers corporation bonds costing $400,000 at face value. Sep. 1 Acquired $900,000 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 $425,000. Nov. 1 Purchased $1,400,000 of M&D Corporation 6% bonds costing at face value Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: $ 850,000 $1,460,000 American Instruments bonds M&D Corporation bonds (Hint: Interest must be accrued.) Required 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. For any sales, prepare entries to update the fair-value adjustment, record any reclassification adjustment, and record the sale 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investents
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