Poultry Company had the following transactions pertaining to stock investments: February 1, Purchased 3,000 shares of Hudson Company (10% ownership) at the market price of $13 per share. Poultry Company intends to keep the stock for more than one year and classifies the stock as available - for - sale June 1. Received cash dividends of $0 50 per share on Hudson Company stock October 1, Sold 3.000 shares of Hudson stock for $42,000. What journal entry is prepared on June 1? debit Interest Receivable for $1, 500 and credit Interest Revenue for $1, 500. debit Cash $1, 500 and credit interest Revenue $1, 500. debit Cash $3,000 and credit Long - Term Investment for $3,000. debit Cash $1, 500 and a credit Dividend Revenue for $1, 500