On February 15, paid $110,000 cash to purchase American General’s 90-day short-term notes at par, which are dated February 15 and pay 7% interest…

  1. On February 15, paid $110,000 cash to purchase American General’s 90-day short-term notes at par, which are dated February 15 and pay 7% interest (classified as held-to-maturity).
  2. On March 22, bought 550 shares of Fran Industries common stock at $23 cash per share plus a $110 brokerage fee (classified as long-term available-for-sale securities).
  3. On May 15, received a check from American General in payment of the principal and 90 days’ interest on the notes purchased in transaction a.
  4. On July 30, paid $33,000 cash to purchase MP3 Electronics’ 6% notes at par, dated July 30, 2017, and maturing on January 30, 2018 (classified as trading securities).
  5. On September 1, received a $0.62 per share cash dividend on the Fran Industries common stock purchased in transaction b.
  6. On October 8, sold 275 shares of Fran Industries common stock for $29 cash per share, less a $90 brokerage fee.
  7. On October 30, received a check from MP3 Electronics for three months’ interest on the notes purchased in transaction 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 calendar-year 2017. Use the account Short-Term Investments for any transactions that you determine are short term.

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