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 Cash, $12,000; credit Dividend Revenue, $12,000.
D) Debit Unrealized Gain-Equity, $12,000; credit Cash, $12,000.
E) Debit Cash, $12,000; credit Unrealized Gain-Equity, $12,000.
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