3a. 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 8%interest (classified as held-to-maturity).b. On March 22, bought 600 shares of Fran Incorporated common stock at $34 cash per share. Cancun's stock investment resultsin 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 $42,000 cash to purchase MP Incorporated's 7%, six-month notes at par, dated July 30 (classified as tradingsecurities).e. On September 1, received a $0.32 per share cash dividend on the Fran Incorporated common stock purchased in part b.f. On October 8, sold 300 shares of Fran Incorporated common stock for $40 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 CancunCorporation, all of which occurred during the current year.Note: Use 360 days in a year. Do not round your intermediate calculations. Round your answers to the nearest whole dollar.View transaction listJournal entry worksheet<12Note: Enter debits before credits.Transactionb.345On March 22, bought 600 shares of Fran Incorporated common stock at $34cash per share. Cancun's stock investment results in it having an insignificantinfluence over Fran.Stock investmentsCashGeneral Journal67DebitCredit>

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Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Canc Corporation, all of which occurred during the current year. Note: Use 360 days in a year. Do not round your intermediate calculations. Round your answers to the nearest whole View transaction list

Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Canc Corporation, all of which occurred during the current year. Note: Use 360 days in a year. Do not round your intermediate calculations. Round your answers to the nearest whole View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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