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

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