On January 1, 2019, Inc. purchased 12% of the voting shares of Y Inc. for $100,000. The investment is reported at cost. X does not have significant influence over Y. Y's net income and declared dividends for the following three years are as follows: 2019 2020 2021 Net Income $50,000 $70,000 $30,000 Dividends $20,000 $80,000 $60,000 Which of the following journal entries would have to be made to record X's share of Y's dividends paid for 2019? Multiple Choice O Credit Cash Dividend income Debid $2,400 $2,400 Credit Cash Investment in Y Debit $2,4001 $2,400 Debit $2,400 Investment in Y Dividend income Credit $2.4001 No entry required