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On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per share.These shares are categorized as having insignificant influence.. On September 8, Blaney Company receives $.60 per share in dividends from ABC Company. A correct entry to record the receipt of the dividends is:

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Answer:

                                                 Debit             Credit

Cash(2,000*0.60)                     $1,200

Dividend income                                             $1,200

Explanation:

The following journal entry shall be recorded by the Blaney Company in its accounts in respect of the dividend income received from the ABC Company on September 8:

                                                  Debit             Credit

Cash(2,000*0.60)                     $1,200

Dividend income                                             $1,200

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