During 2006 its first year of operations lyon research

Question

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.