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Savit Help Save & Exit Subm Theck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to-maturity). b. On March 22, bought 700 shares of Fran Inc. common stock at $51 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 $100,000 cash to purchase MP Inc.'s 8%, six-month notes at par, dated July 30 (classified as trading securities) e. On September 1, received a $1 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 30 shares of Fran Inc. common stock for $54 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.) Answer is not complete. Credit General Journal Debit 160,000 NO Transaction 1 a Debt investments - HTM Cash ol 160.000 8 35,850 b 35,850 2 * Stock Investments Cash 1R4 Cash 3 Next > 11 of 19 !

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