Pharoah Company owns 30% of Lauer Company. For the current year, Lauer reports net incorre of $230,000 and declares and pays a $46,000 cash dividend.

Record Pharoah's equity in Lauer's net income and the receipt of dividends from Lauer. (List all debit entries before credit entries.

Credit account titles are automatically 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

Debit

Credit