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a. On February 15, paid $130,000 cash to purchase GMi's 90-day short-term notes at par, which are dated February 15 and pay 6% interest (classified
a. On February 15, paid $130,000 cash to purchase GMi's 90-day short-term notes at par, which are dated February 15 and pay 6% interest (classified as held-to-maturity). b. On March 22, bought 900 shares of Fran Incorporated common stock at $31 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. c. On May 15, recelved 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 $39,000 cash to purchase MP Incorporated's 5%, six-month notes at par, dated July 30 (classifled as trading securities). e. On September 1, received a $0.36 per share cash dividend on the Fran incorporated common stock purchased in part b. f. On October 8 , sold $50 shares of Fran incorporated common stock for $37 cash per share. 9. On October 30 , recelved a check from MP Incorporated 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 Corporation, all of which occurred during the current year. Note: Use 360 days in a year. Do not round your intermediate calculations. Round your answers to the nearest whole dollar
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