Which of the following statements regarding the equity method is false?

Multiple Choice

The Earnings from Equity Method Investments account is a temporary account that is closed to the Income Summary account at each period$-$end.

Using the equity method, long$-$term investments with significant influence are recorded at cost when acquired.

The equity method is used for long$-$term investments in equity securities with significant influence.

Earnings from Equity Method Investments is reported on the investor's income statement.

Under the equity method, dividends received by an investor from an investee are recorded with a credit to the Dividend Revenue account.