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McVeigh Corp. owns 40% of Gondor Company's common stock. McVeigh received $70,000 in cash dividends from Gondor. The entry to record the cash dividend received

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McVeigh Corp. owns 40% of Gondor Company's common stock. McVeigh received $70,000 in cash dividends from Gondor. The entry to record the cash dividend received from Gondor would include a: Multiple Choice Debit to Dividends for $175,000. Credit to Cash for $70,000. Credit to Equity Method Investments for $175,000. Debit to Dividend Revenue for $70,000. Credit to Equity Method Investments for $70,000

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