Using the data for Geo Metrics Corporation in Exercise 14 20, assume that as of December 31, 2008, the M Labs Inc stock had a market value of $25 per share and the Spectrum Corp stock had a market value of $14 per share For the year ending December 31, 2008, Geo Metrics Corporation had net income of $100,000 Its tax rate is 40 a Prepare the balance sheet presentation for the temporary investments b Prepare a statement of comprehensive income presentation for the temporary investments

Question: Using the data for Geo-Metrics Corporation in Exercise 14-20, assume that as of December 31, 2008, the M-Labs Inc. stock had a market value of

Using the data for Geo-Metrics in Exercise 14-20, assume that as of December 31, 2008, the M-Labs Inc. stock had a market value of $25 per share and the Spectrum Corp. stock had a market value of $14 per share. For the year ending December 31, 2008, Geo Metrics had net income of $100,000. Its tax rate is 40%.
a. Prepare the presentation for the temporary investments.
b. Prepare a statement of comprehensive income presentation for the temporary investments.

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