Everrine Corporation owns 3,000 shares of JRW Corporation. JRW Corporation has 25,000 shares of stock outstanding. JRW paid $4 per share in cash dividends to its stockholders. The entry to record the receipt of these dividends is:

A. Debit Cash, $12,000; credit Long-Term investments, $12,000.

B. Debit Cash, $12,000; $12,000; credit Cash, $12,000.

C. Debit Cash, $12,000; credit Dividend Revenue, $12,000.

D. Debit Unrealized Gain-Equity, $12,000; credit Cash, $12,000.

E. Debit Cash, $12,000; credit Unrealized Gain-Equity, $12,000.

Answer rating: 100% (QA)

C Debit C... View the full answer