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Purchased 600 shares of Muninger common stock for $32,400. In January 2022, the management of Kinzie Company concludes that it has sufficient cash to
Purchased 600 shares of Muninger common stock for $32,400. In January 2022, the management of Kinzie 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 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 50 of $1,000, 7% Yoakem bonds for $50,000. Interest is payable semiannually 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 200 shares of Muninger common stock at $58 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 $49,000. At December 31, the fair value of the Muninger and Tatman common stocks were $55 and $24 per share respectively. These stock investments by Kinzie Company provide less than a 20% ownership interest.
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