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Inspirational Corporation (IC) purchased 2,000 shares of Dalmation Corporation (DC), representing a 10% ownership interest for $15 per share. The company intended to hold this

Inspirational Corporation (IC) purchased 2,000 shares of Dalmation Corporation (DC), representing a 10% ownership interest for $15 per share. The company intended to hold this investment for a number of years. IC received a cash dividend of $2 per share from DC. The shares were then sold for $32,000. The entry to record the sale in IC's book does not include O a debit to Loss on Sale of Long-term Investments for $2,000. O a debit to Cash for $32,000. O a credit to Long-term Investments for $30,000. O a credit to Gain on Sale of Long-term Investments for $2.000image text in transcribed

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