(answered) Manson Incorporated reported the following

current asset on its

Manson Incorporated reported the following current asset on its December 31, 2006 balance
sheet:Temporary investment in available-for-sale securities (at cost) ...... $63,475Less:
Allowance for change in value of investment .......... (2,980)Temporary investment in available-
for-sale securities (at
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following-current-asset-on-its
Manson Incorporated reported the following current asset on its December 31, 2006 balance
sheet:Temporary investment in available-for-sale securities (at cost) ...... $63,475Less:
Allowance for change in value of investment .......... (2,980)Temporary investment in available-
for-sale securities (at fair value) .. $60,495An analysis of Manson’s temporary investments on
December 31, 2006 reveals the following:During 2007 the following transactions related to
Manson’s temporary investments occurred:Jan. 6 Received a $265 dividend on the Turben
Company commonMar. 31 Received the semiannual dividend of $500 on the Web Engines
preferredOn March 31, 2007 the following information is available concerning Manson’s
temporary investments:Equity Security Fair ValueTurben Company .... $13,470Cook Corp. .......
13,765Hill Corp. ......... 18,940Web Engines ....... 15,500June 30 Received a $375 dividend on
the Cook Corp. common and a $700 dividend on the Hill Corp. commonOn June 30, 2007 the
following information is available concerning Manson’s temporary investments:Equity Security
Fair ValueTurben Company ..... $13,300Cook Corp. ....... 14,125Hill Corp. ....... 19,300Web
Engines ...... 15,400July 6 Sold the Turben Company common for $13,750Sept. 29 Received
the semiannual dividend of $500 on the Web Engines preferredOn September 30, 2007 the
following information is available concerning Manson’s temporary investments:Equity Security
Fair ValueCook Corp. ....... $14,230Hill Corp. ......... 19,500Web Engines ....... 15,900Nov. 2
Sold the Hill Corp. common for $19,780Dec. 30 Received a $375 dividend on the Cook Corp.
commonOn December 31, 2007, the following information is available:Equity Security Fair
ValueCook Investment Corp. ... $14,280Web Engines ........ 16,400Required1. Assuming
Manson prepares quarterly financial statements, prepare journal entries to record the preceding
information.2. Show the items of income or loss from temporary investment transactions that
Manson reports for each quarter of 2007?3. Show how Manson’s temporary investments are
reported on the balance sheet on March 31, 2007; June 30, 2007; September 30, 2007; and
December 31,2007.
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Manson Incorporated reported the following current asset on its
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