Using the data for Lyon Research Corporation in Exercise 12-17, assume that as of December 31, 2006,

Question:

Using the data for Lyon Research in Exercise 12-17, assume that as of December 31, 2006, the M-Labs, Inc., stock had a market value of $28 per share and the Spectrum Corp. stock had a market value of $14 per share. For the year ending December 31, 2006, Lyon Research had net income of $80,000. 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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...