Question - In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred.
Feb. 1 Purchased 640 shares of Muninger common stock for $33,280.
Mar. 1 Purchased 850 shares of Tatman common stock for $22,100.
Apr. 1 Purchased 43 $1,200, 5% Yoakem bonds for $51,600. Interest is payable semiannually on April 1 and October 1.
July 1 Received a cash dividend of $0.56 per share on the Muninger common stock.
Aug. 1 Sold 213 shares of Muninger common stock at $60 per share.
Sept. 1 Received a $1 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 $50,600.
At December 31, the fair value of the Muninger common stock was $53 per share. The fair value of the Tatman common stock was $25 per share.
Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.)