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  3. tool co. received cash dividends of $3.5 per share

Tool Co. received cash dividends of $3.5 per share on 300 Sharp Systems Inc. shares....

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Accounting

Tool Co. received cash dividends of $3.5 per share on 300 Sharp Systems Inc. shares. The journal entry to record the transaction is a debit to Cash of $1,050 and a credit to Dividend Income of $1,050. True or False

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