At the Beginning of 2013, Zed Ltd $\begin{array} { | c | c | } \hline \text { DR Cash } & 12,000 \\\hline \text { CR Investment in Pine } & 12,000 \\\hline\end{array}$

At the beginning of 2013, Zed Ltd. acquired 15% of the voting shares of Pine Co (a private company) for $150,000. Zed does not have any significant influence over Pine. Zed follows ASPE. In 2013, Pine earned net income of $70,000 and paid dividends of $40,000. In 2014, Pine earned net income of $80,000 and paid dividends of $100,000. At the end of 2014, what journal entry should Zed make to record the dividends from Pine?

A) No entry is required
B)
$\begin{array} { | c | c | } \hline \text { DR Cash } & 12,000 \\\hline \text { CR Investment in Pine } & 12,000 \\\hline\end{array}$
C)
$\begin{array} { | c | c | } \hline \text { DR Cash } & 15,000 \\\hline \text { CR Investment in Pine } & 15,000 \\\hline\end{array}$
D)
$\begin{array} { | c | c | } \hline \text { DR Cash } & 15,000 \\\hline \text { CR Dividend income } & 15,000 \\\hline\end{array}$