Gaines Corporation Invested $114,000 to Acquire 24,000 Shares of Owens $$\begin{array} { | l | r | r | } \hline \text { Cash } & 78,000 & \\\hline \text { Equity Investments } & & 78,000 \\\hline\end{array}$$

Gaines Corporation invested $114,000 to acquire 24,000 shares of Owens Technologies, Inc. on March 1, 2018. On July 2, 2019, Owens pays a cash dividend of $3.25 per share. The investment is classified as equity securities with no significant influence. Which of the following is the correct journal entry to record the transaction on July 2, 2019?

A) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 78,000 & \\\hline \text { Equity Investments } & & 78,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 78,000 & \\\hline \text { Retained Earnings } & & 78,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Equity Investments } & 78,000 & \\\hline \text { Cash } & & 78,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 78,000 & \\\hline \text { Dividend Revenue } & & 78,000 \\\hline\end{array}$$