Griffin Corporation invested $128,000 to acquire 27,000 shares of Delta Technologies, Inc on March 1, 2017
On July 2, 2017, Delta pays a cash dividend of $1.25 per share. The investment is classified as an available-for-sale investment. Which of the following is the correct journal entry to record the transaction on July 2, 2017?
A)
Cash 33,750
Long-term Investments-Trading Investments 33,750
B)
Cash 33,750
Long-term Investments-Available-for-Sale 33,750
C)
Cash 33,750
Long-term Investments-Held-to-Maturity 33,750
D)
Cash 33,750
Dividend Revenue 33,750
D
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