Using the data for Lyon Research Corporation 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 Corporation had net income of $80,000 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 Lyon Research Corporation in Exercise 12-17, assume that as of December 31, 2006, the M-Labs, Inc., stock had a market value

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.

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