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Blanton Corporation purchased 17% 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 17% 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 dividends from Worton Corporation?

debit Investment in Worton Corporation; credit Cash

debit Cash; credit Dividend Revenue

debit Investment in Worton Corporation; credit Income of Worton Corporation

debit Cash; credit Investment in Worton Corporation

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