In January 2022, the management of Blossom Company concludes that it has sufficient cash to...
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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 Purchased 700 shares of Muninger common stock for $38,500. Mar. 1 Purchased 900 shares of Tatman common stock for $22,500. Apr. 1 Purchased 30 of $1,070,7% Yoakem bonds for $32,100. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.60 per share on the Muninger common stock. Aug. 1 Sold 233 shares of Muninger common stock at $60 per share. Sept. 1 Received a $2 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $29,600. At December 31 , the fair value of the Muninger and Tatman common stocks were $56 and $24 per share respectively. These stock investments by Blossom Company provide less than a 20% ownership interest. (a) Your answer is partially correct. Journalize the transactions and post to the accounts Debt Investments and Stock investments. (Use the T-account form.) (Record
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