Question 7 2 pts On March 15, 2014, ABC Co acquires 30% of the common stock of Kline, Inc. and pays $200,000. The entry to record the purchase would include: Credit to Cash for $200,000 O Debit to Trading Investment for $200,000 Credit to Long-Term Investment for $200,000 Debit to Long-Term Investment for $60,000 Question 8 2 pts On March 2014. ABC Co. acquires 30% of the common stock of Kline, Inc and pays $200.000. On Ju 30, 2014. ABC Co, receives a $5,000 dividend from Kline, Inc. The entry to record the receipt of the dividend would include (Hint: Remember that ABC Co. is considered to have a significant interest in Kline, Inc.): o Credit to Dividends Payable for $5.000 Credit to Cash for $5.000 o Credit to Dividend Revenue for 55.000 Credit to Long-Term Investment for $5,000 Question 9 2 pts