Mars Services,Inc B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 480,000 & \\\hline \text { Dividend Revenue } & & 480,000 \\\hline\end{array}$$

Mars Services,Inc.pays $700,000 to acquire 35% (200,000 shares) of voting stock of Grey Investments,Inc.on January 5,2017.Grey Investments,Inc.declares and pays a cash dividend of $2.4 per share on June 14,2017.Which of the following is the correct journal entry for the transaction on June 14,2017?

A) $$\begin{array} { | l | r | r | } \hline \text { Long-term Investments-Grey Investments, Inc. } & 480,000 & \\\hline \text { Cash } & & 480,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 480,000 & \\\hline \text { Dividend Revenue } & & 480,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 480,000 & \\\hline \text { Long-term Investments-Grey Investments, Inc. } & & 480,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 480,000 & \\\hline \text { Long-term Investments-Mars Services, Inc. } & & 480,000 \\\hline\end{array}$$