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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You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt:Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)1. On July 1, 2024, Moonlight Bay issued bonds with a face amount of $ 1,000,000. The bonds mature in 20 years and interest of 7% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 8% Moonlight Bay records interest at the effective rate.2. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $580,000. The annual payment is $100, 000, payable each June 30.3. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $65,000beginning January 1, 2024.…
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Required Information [The following Information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. a-2. Prepare the Journal entry to record the Interest earned by Agrico during its year ended December 31, 2022. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round your Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Accumulated depreciation General Journal Debit Credit