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Perry company had no short-term investments prior to year

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Perry Company had no short-term investments prior to year 2011. It had the following transactions involving short-term investments in available-for-sale securities during 2011.

  • Apr. 16 Purchased 8,000 shares of Gem Co. stock at $24.25 per share plus a $360 brokerage fee.
  • May 1 Paid $200,000 to buy 90-day U.S. Treasury bills (debt securities): $200,000 principal amount, 6% interest, securities dated May 1.
  • July 7 Purchased 4,000 shares of PepsiCo stock at $49.25 per share plus a $350 brokerage fee.
  • 20 Purchased 2,000 shares of Xerox stock at $16.75 per share plus a $410 brokerage fee.
  • Aug. 3 Received a check for principal and accrued interest on the U.S. Treasury bills that matured on July 29.
  • 15 Received an $0.85 per share cash dividend on the Gem Co. stock.
  • 28 Sold 4,000 shares of Gem Co. stock at $30 per share less a $450 brokerage fee.
  • Oct. 1 Received a $1.90 per share cash dividend on the PepsiCo shares.
  • Dec. 15 Received a $1.05 per share cash dividend on the remaining Gem Co. shares.
  • 31 Received a $1.30 per share cash dividend on the PepsiCo shares.

Prepare journal entries to record the preceding transactions and events.

Reference no: EM13582519

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