Winters Corporation purchased 15,000 shares of Poores Corporation common stock for $60 per share on January 2, 2014. Poores Corporation reported net income of $1,500,000 for 2014 and paid dividends of $300,000 during 2014. Poores has a total of 50,000 shares of common stock outstanding. The entry that would be recorded to recognize the receipt of cash dividend is:
A) Cash 90,000 Dividend Income 90,000
B) Income, Poores Corporation Investment 90,000 Cash 90,000
C) Cash 90,000 Income, Poores Corporation Investment 90,000
D) Cash 90,000 Investment in Poores Corporation 90,000
D
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