Purple Corporation pays $536,000 to acquire 40% of the equity securities of Blue, Inc. on May 5, 2019. In the journal entry to record this transaction ________.
A) Equity Investments—Blue Inc. will be credited for $536,000
B) Equity Investments—Blue Inc. will be debited for $536,000
C) Common Stock Holdings—Blue Inc. will be debited for $536,000
D) Revenue from Investments will be credited for $536,000
B) Equity Investments—Blue Inc. will be debited for $536,000
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