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a. On February 15, paid $150,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 7% interest (classified

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a. On February 15, paid $150,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 7% interest (classified as held-to-maturity) b. On March 22. bought 700 shares of Fran Incorporated common stock at $47 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran c. On May 15, received a check from GML in payment of the principal and 90 days' interest on the notes purchased in part a d. On July 30, paid $45,000 cash to purchase MP Incorporated's 6%, six-month notes at par, dated July 30 (classified as trading secunties) e. On September 1, recelved a $0.60 per share cash dividend on the Fran Incorporated common stock purchased in part b f. On October 8 , sold 350 shares of Fran Incorporated common stock for $53 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 joumal 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. Journal entry worksheet On February 15, pald $150,000 cash to purchase GMI's 90 -day short-term notes at pat, which are dated february is and pay 7% interest (dassified an held-to maturity)

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