In January 2022, the management of Blossom 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 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 1 Oct. 1 Purchased 700 shares of Muninger common stock for $35,000. Purchased 900 shares of Tatman common stock for $22.500. Purchased 60 of $1,000, 8% Yoakem bonds for $60,000. Interest is payable semiannually on April 1 and October 1. Received a cash dividend of $0.70 per share on the Muninger common stock. Sold 233 shares of Muninger common stock at $65 per share. Received a $2 per share cash dividend on the Tatman common stock. Received the semiannual interest on the Yoakem bonds. Sold the Yoakem bonds for $58,000. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Blossom Company provide less than a 20% ownership interest.

In January 2022, the management of Blossom 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 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 1 Oct. 1 Purchased 700 shares of Muninger common stock for $35,000. Purchased 900 shares of Tatman common stock for $22.500. Purchased 60 of $1,000, 8% Yoakem bonds for $60,000. Interest is payable semiannually on April 1 and October 1. Received a cash dividend of $0.70 per share on the Muninger common stock. Sold 233 shares of Muninger common stock at $65 per share. Received a $2 per share cash dividend on the Tatman common stock. Received the semiannual interest on the Yoakem bonds. Sold the Yoakem bonds for $58,000. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Blossom Company provide less than a 20% ownership interest.

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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Hi, How do I record these transactions? Thanks