On February 15, paid $140,000 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). On March 22, bought 700 shares of Fran Inc. common stock at $40 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a. On July 30, paid $42,000 cash to purchase MP Inc.'s 6% , six-month notes at par, dated July 30 (classified as trading securities). On September 1, received a $0.44 per share cash dividend on the Fran Inc. common stock purchased in part b. On October 8, sold 350 shares of Fran Inc. common stock for $46 cash per share. On October 30, received a check from MP Inc. 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 Corp., all of which occurred during the current year. (Use 360 days in a year. Do not round your intermediate calculations. Round your answers to the nearest whole dollar.)

• On February 15, paid $140,000 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).

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a.

• On March 22, bought 700 shares of Fran Inc. common stock at $40 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.

• On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in part a.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
c.

• On July 30, paid $42,000 cash to purchase MP Inc.'s 6% , six-month notes at par, dated July 30 (classified as trading securities).

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
d.

• On September 1, received a $0.44 per share cash dividend on the Fran Inc. common stock purchased in part b.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
e.

• On October 8, sold 350 shares of Fran Inc. common stock for $46 cash per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
f.

• On October 30, received a check from MP Inc. for three months interest on the notes purchased in part d.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
g.