In January 1022 , the management of Blossom Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities, During the year, the following transactions occurred. Feb. 1 Purchased 700 shares of Muninger common stock for $38,500. Mar: 1 Purchased 900 shares of Tatman common stock for $22,500. Apr. 1 Purchased 30 of $1,070,7% Yoakem bonds for $32,100. Interest is payable semiannualfy on April 1 and October 1. July 1 Received a cash dividend of $0.60 per share on the Muninger common stock. Aug: 1 Sold 233 shares of Muninger common stock at $60 per share. Sept: 1 Received a $2 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 $29,600. At December 31, the fair value of the Muninger and Tatman common stocks were $56 and $24 per share respectively. These stock investments by Blossom Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Imvestments. (Use the T-account form) (Record joumal entries in the order presented in the probiem. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter of for the amounts) (To record the receipt of semiannual interest on Yoakem bonds) (To record the sale of Yoakem bonds) |