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In January 2022, the management of Oriole Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities.
In January 2022, the management of Oriole 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 Mar. 1 Apr. 1 Purchased 800 shares of Muninger common stock for $44,000. Purchased 1,000 shares of Tatman common stock for $25,000. Purchased 70 of $1,240,9 % Yoakem bonds for $86,800. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.50 per share on the Muninger common stock. Aug. 1 Sold 266 shares of Muninger common stock at $65 per share. Sept. 1 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 $85,300. At December 31, the fair value of the Muninger and Tatman common stocks were $56 and $24 per share respectively. These stock investments by Oriole Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record
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