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Blanton Corporation purchased 15% of the outstanding shares of common stock of Worton Corporation as a long-term investment. Subsequently, Worton Corporation reported net income and
Blanton Corporation purchased 15% of the outstanding shares of common stock of Worton Corporation as a long-term investment. Subsequently, Worton Corporation reported net income and declared and paid cash dividends. What journal entry would Blanton Corporation use to record the dividends it receives? debit Cash; credit Investment in Worton Corporation debit Cash; credit Dividend Revenue debit Investment in Worton Corporation; credit Cash debit Investment in Worton Corporation; credit Income of Worton Corporation
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