Inspirational Corporation (IC) purchased 2,000 shares of Dalmation Corporation (DC), representing a 10% ownership interest. The company intended to hold this Investment for a number of years and accounted for the investiment using the cost model. IC received a cash dividend of $2 per share from DC. The entry to record the dividend in IC's book includes a

Inspirational Corporation (1C) purchased 2,000 shares of Daimation Corporation (DC), representing a 10x ownership interest. The cashidividend of $2 per share from DC. The entry to record the dividend in IC's book includes a credit to Long-term Investments for $4,000. credit to Dividend Income for $4.000