Montero Co. holds 100,000 common shares (40%) of ORD Corp. as a long-term investment. ORD Corp. paid a $100,000 dividend on November 1, 2017, and reported a net income of $700,000 for 2017. Prepare entry to record the receipt of the dividend and the December 31, 2017, year-end adjustment required for the investment account.
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