On October 31, Augustas Co. received cash dividends of $0.15 per share from its investment in Lamb Corp.'s common stock. Augustas owned 1,200 shares of Lamb Corp.'s stock on October 31 and the investment is considered a stock investment with insignificant influence. Prepare the investor's journal entry to record the receipt of the cash dividends.
What will be an ideal response?
| Oct 31 | Cash (1,200 * $0.15) | 180 | ? |
| ? | Dividend Revenue | ? | 180 |
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