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(Answered) Show the carrying value of Dana?s Temporary Investment account on its December 31- 2007 balance...


Temporary Investments in Available-for-Sale Bonds and Equity Securities - During 2007 the Dana Company decided to begin investing its idle cash in marketable securities. The information contained below relates to Dana?s 2007 marketable security transactions: Feb. 3 Purchased 3,000 shares of Blair Company common stock for $12 per share Apr. 1 Purchased $20,000 face value of Solomon Inc. 12% bonds at par plus accrued interest;interest on the bonds is payable each June 30 and December 31 30-Jun Received the semiannual interest on the Solomon bonds and a $0.25 per share dividend on the Blair common Sept. 1 Purchased 4,000 shares of Woodman Corporation common for $22 per share Nov. 1 Purchased $30,000 face value of Edwards Company 11% bonds at par plus accrued interest;interest on the bonds is payable each June 1 and December 1 Dec. 1 Received the interest on the Edwards bonds and sold the bonds at 101 Dec. 30 Received a $0.25 dividend per share on the Blair common and sold all the shares for $35,300 Dec. 31 Received the interest on the Solomon bonds On December 31, the following information is available concerning the year-end market prices: Security Quoted Market Solomon 12% bonds 101 Woodman common $23 Required 1. Record Dana?s transactions in temporary investments for 2007. 2. Show the items of income or loss on temporary investments Dana reports on its 2007 income statement. 3. Show the carrying value of Dana?s Temporary Investment account on its December 31, 2007 balance sheet.
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Show the carrying value of Dana?s Temporary Investment account on its December 31- 2007 balance...

 


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