Summers Corporation Purchased 15,000 Shares of Ritchie Corporation Common Stock

Summers Corporation purchased 15,000 shares of Ritchie Corporation common stock for $60 per share on January 2,2012.Ritchie Corporation reported net income of $1,500,000 for 2012 and paid dividends of $300,000 during 2012.Ritchie has a total of 50,000 shares of common stock outstanding.The entry that would be recorded to recognize the receipt of cash dividend is:

A) Cash 90,000
Dividend Income 90,000
B) Income,Ritchie Corporation Investment 90,000
Cash 90,000
C) Cash 90,000
Income,Ritchie Corporation Investment 90,000
D) Cash 90,000
Investment in Ritchie Corporation 90,000