Brief Exercise 16-03 culumber Company owns 30% of Lauer Company. For the current year, Lauer reports ret income of Si 60,000 and deciares and pays a s 3,000 an annsend Record Cullumber's equity in Lauer's net income and the receipt of dividends from Lauer (Credit account tities are automaticaly indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31 To record equity in Lauer's net income Dec. 31 To record dividends recelved)