When a company receives a cash dividend from a trading? security, the journal entry? includes:
a. a debit to cash and credit to dividend revenue.
b. a debit to investment in trading securities and credit to cash.
c. a debit to cash and credit to investment in trading securities.
d. a debit to dividend revenue and credit to cash?

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.