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On January 1,207, Romulus Company acquired 30% of the outstanding common stock of Remus Corporation...

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Accounting

On January 1,207, Romulus Company acquired 30% of the outstanding common stock of Remus Corporation for $650,000. Remus
reported net income and paid dividends for the years ended 207,208, and 209, as follows:
What entry would Romulus make to record dividends from Remus in 207?
1.Dr. Dividend receivable 21,000
Cr. Dividend income
2.Dr. Dividend receivable 21,000
Cr. Investment in Remus stock
3.Dr. Dividend receivable 21,000
Cr. Cash
21,000
4.Dr. Investment in Remus stock 70,000
Cr. Dividend income
70,000
None of the above
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