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Question(s) / Instruction(s):

Everrine Corporation owns 3,000 shares of JRW Corporation. JRW Corporation has 25,000 shares of stock outstanding. JRW paid $4 per share in cash dividends to its stockholders. The entry to record the receipt of these dividends is:                    

a)            Debit Cash, $12,000; credit Long-Term Investments, $12,000.

b)            Debt Long-Term Investment, $12,000; credit Cash, $12,000.

c)            Debit Unrealized Gain-Equity, $12,000; credit Cash, $12,000.

d)            Debit Cash, $12,000; credit Unrealized Gain-Equity, $12,000.

e)            Debit Cash, $12,000; credit Dividend Revenue, $12,000.

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