USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT 2 QUESTIONS: On January 1, 2021, Packer Company purchased 25% of the common stock of Cheddar Corporation for over book value of the investment was attributed to copyrights with a remaining useful life of 10 years. During $600,000 cash. Cheddar's balance sheet on this date showed a book value of $2,100,000 Any excess of cost 2021, Cheddar reported net income of $120,000 and paid dividends of $5,000. Packer uses the equity method to account for its investment in Cheddar Corp. - 7) The journal entry Packer makes to record the accrual of Cheddar's net income and any excess 8) amortization includes a DEBIT to: A. Investment in Cheddar for 30,000 B. Investment in Cheddar for 22,500 C. Equity Income for 30,000 D. Equity Income for 22,500 The journal entry Packer makes to record its share of dividends received from Cheddar Corp. E. None of the above includes a DEBIT to? A Cash B. Equity Income C. Dividend Income D. Investment in Cheddar E. None of the above