subject
Business, 10.06.2020 18:57 Franklyn3834

A. On February 15, paid $130,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 6% interest (classified as held-to-maturity). b. On March 22, bought 1,000 shares of Fran Inc. common stock at $35 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 $39,000 cash to purchase MP Inc.'s 5% , six-month notes at par, dated July 30 (classified as trading securities).
e. On September 1, received a $0.42 per share cash dividend on the Fran Inc. common stock purchased in part b.
f. On October 8, sold 500 shares of Fran Inc. common stock for $41 cash per share.
g. 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.)

ansver
Answers: 2

Another question on Business

question
Business, 22.06.2019 04:30
Peyton taylor drew a map with scale 1 cm to 10 miles. on his map, the distance between silver city and golden canyon is 3.75 cm. what is the actual distance between silver city and golden canyon?
Answers: 3
question
Business, 22.06.2019 19:50
Joe pays ann to mow his lawn and ann mows vanna's lawn by mistake. vanna peers out her window and sees ann mowing, yet says nothing to ann about her mistake since vanna needs to have her lawn mowed. when ann approaches vanna for payment, vanna refuses, arguing that she never asked ann to mow her lawn. under these circumstances, ann can recover payment from vanna under:
Answers: 1
question
Business, 22.06.2019 23:50
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar.spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements.cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery.rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer.gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life.esquire company provides financial statements to external users every three years.
Answers: 1
question
Business, 23.06.2019 13:00
Money management refers to: question 1 options: preparing personal financial statements. day-to-day financial activities. storing financial records for easy access. spending money on current living expenses.
Answers: 1
You know the right answer?
A. On February 15, paid $130,000 cash to purchase GMI's 90-day short-term notes at par, which are da...
Questions
Questions on the website: 13722362