Weygandt, Accounting Principles, 1 ruction Assignment Gradebook ORION Download Briel Exercise 16-03 Z your answer is partially correct. Try again Cullumber Company owns 30% of Lauer Company, For the current year, Letteports net Record Cullumber's equity in Lauels net income and the receipt of dividends from Luer Teresa entry s required, select "No entry for the account titles and enter o for the Date Account Titles and Explanation Creta Dec. 31 (To record equity in Lauers neincome) Dec 31 the current year, Lauer reports net income of $160,000 and declares and pays a $32,000 cash dividend receipt of dividends from Lauer (Credit account titles are automatically indented when titles and enter for the amounts) Debit Credit 48000 48000 9600