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.The investment is considered non-influential.Prepare the investor's journal entry to record the receipt of the cash dividends.

Question

Quizplus · Accepted Answer

The Answer of 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.The investment is considered non-influential.Prepare the investor's journal entry to record the receipt of the cash dividends.