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a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). b. On March 22, bought 1,000 shares of Fran Inc. common stock at $50 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. c. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a. d. On July 30, paid $48,000 cash to purchase MP Inc.'s 8%. six-month notes at par, dated July 30 (classified as trading securities). e. On September 1, received a $0.38 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 500 shares of Fran Inc. common stock for $56 cash per share. g. On October 30, received a check from MP Inc. for three months' interest on the notes purchased in part d. Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year. (Use 360 days In a year. Do not round your Intermediate calculations. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal

a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). b. On March 22, bought 1,000 shares of Fran Inc. common stock at $50 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. c. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a. d. On July 30, paid $48,000 cash to purchase MP Inc.'s 8%. six-month notes at par, dated July 30 (classified as trading securities). e. On September 1, received a $0.38 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 500 shares of Fran Inc. common stock for $56 cash per share. g. On October 30, received a check from MP Inc. for three months' interest on the notes purchased in part d. Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year. (Use 360 days In a year. Do not round your Intermediate calculations. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 3PB
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a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). b. On March 22, bought 1,000 shares of Fran Inc. common stock at $50 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. c. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a. d. On July 30, paid $48,000 cash to purchase MP Inc.'s 8%. six-month notes at par, dated July 30 (classified as trading securities). e. On September 1, received a $0.38 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 500 shares of Fran Inc. common stock for $56 cash per share. g. On October 30, received a check from MP Inc. for three months' interest on the notes purchased in part d. Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year. (Use 360 days In a year. Do not round your Intermediate calculations. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text:a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). b. On March 22, bought 1,000 shares of Fran Inc. common stock at $50 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. c. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a. d. On July 30, paid $48,000 cash to purchase MP Inc.'s 8%. six-month notes at par, dated July 30 (classified as trading securities). e. On September 1, received a $0.38 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 500 shares of Fran Inc. common stock for $56 cash per share. g. On October 30, received a check from MP Inc. for three months' interest on the notes purchased in part d. Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year. (Use 360 days In a year. Do not round your Intermediate calculations. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity). Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal
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