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what is the actual terms? because its not short term investments or long term investments, give actual terms please. a. On February 15. paid $120,000
what is the actual terms? because its not short term investments or long term investments, give actual terms please.
a. On February 15. paid $120,000 cash to purchase GMI's 90 day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held to maturity) b. On March 22, bought 500 shares of Fran Incorporated common stock at $30 cash per share. Cancun's stock investment results in it having an insignificant influence over Fran c. On May 15, received a check from GMI in payment of the principal and 90 days interest on the notes purchased in part a d. On July 30, paid $36,000 cash to purchase MP Incorporated's 8% six-month notes at par, dated July 30 (classified as trading securities) e. On September 1, received a $0.36 per share cash dividend on the Fran Incorporated common stock purchased in part b. f. On October 8, sold 250 shares of Fran Incorporated common stock for $36 cash per share. g. On October 30, received a check from MP Incorporated 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 Corporation, 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.) Journal entry worksheet Step by Step Solution
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