Record the purchase of the temporary investments for cash

Reference no: EM13900614

During 2006, its first year of operations, Lyon Research Corporation purchased the following securities as a temporary investment:

Shares Cash Dividends

Security Purchased Cost Received

M-Labs, Inc. 1,000 $29,000 $ 900

Spectrum Corp. 2,500 45,000 1,600

a. Record the purchase of the temporary investments for cash.

b. Record the receipt of the dividends.

Reference no: EM13900614

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