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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 1000 shares of Fren Inc. common stock at $50 cash per shere. Cancun's stock investment results in it having en insignificant influence over Fran e. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in parta 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 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 Fren Inc. common stock for $66 cash per shere g. On October 30, received a check from MP Inc. for three months Interest on the notes purchased in part 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 doller) View bansaction list Journal entry worksheet < 1 2345 4 5 6 7 On February 13, paid $100,000 cash to purchase GM's 50-day short-term notes at par, which are dated February 15 and pay 9% interest (classified at held-to-maturity) Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record uitry Clear entry >

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 1000 shares of Fren Inc. common stock at $50 cash per shere. Cancun's stock investment results in it having en insignificant influence over Fran e. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in parta 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 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 Fren Inc. common stock for $66 cash per shere g. On October 30, received a check from MP Inc. for three months Interest on the notes purchased in part 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 doller) View bansaction list Journal entry worksheet < 1 2345 4 5 6 7 On February 13, paid $100,000 cash to purchase GM's 50-day short-term notes at par, which are dated February 15 and pay 9% interest (classified at held-to-maturity) Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record uitry Clear entry >

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter7: Financial Activities
Section: Chapter Questions
Problem 7QE
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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 1000 shares of Fren Inc. common stock at $50 cash per shere. Cancun's stock investment results in it having en insignificant influence over Fran e. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in parta 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 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 Fren Inc. common stock for $66 cash per shere g. On October 30, received a check from MP Inc. for three months Interest on the notes purchased in part 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 doller) View bansaction list Journal entry worksheet < 1 2345 4 5 6 7 On February 13, paid $100,000 cash to purchase GM's 50-day short-term notes at par, which are dated February 15 and pay 9% interest (classified at held-to-maturity) Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record uitry Clear entry >
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 1000 shares of Fren Inc. common stock at $50 cash per shere. Cancun's stock investment results in it having en insignificant influence over Fran e. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in parta 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 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 Fren Inc. common stock for $66 cash per shere g. On October 30, received a check from MP Inc. for three months Interest on the notes purchased in part 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 doller) View bansaction list Journal entry worksheet < 1 2345 4 5 6 7 On February 13, paid $100,000 cash to purchase GM's 50-day short-term notes at par, which are dated February 15 and pay 9% interest (classified at held-to-maturity) Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record uitry Clear entry >
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