Sandhill Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $250,000 and declares and pays a $50,000 cash dividend. Record Sandhill'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 O for the amounts.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record equity in Lauer's net income) (To record dividends received) Debit Credit 17