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correct answer needed please. Problem 16-2A In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments
correct answer needed please.
Problem 16-2A In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred Feb. 1 Purchased 600 shares of Muninger common stock for $30,000 Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 60 $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1 July 1 Received a cash dividend of $0.70 per share on the Muninger common stock. Aug. 1Sold 200 shares of Muninger common stock at $65 per share Sept. Received a $1 per share cash dividend on the Tatman common stock Oct. 1 Received the semiannual interest on the Yoakem bonds Oct. 1 Sold the Yoakem bonds for $68,600 At December 31, the fair value of the Muninger common stock was $51 per share. The fair value of the Tatman common stock was $24 per share /Your answer is partially correct. Try again ournalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit ' Feb. 1 Stock Investments 30000 Cash 30000 Mar. 1 Stock Investments 20000 Cash 20000Step by Step Solution
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