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Wolverine Corporation owns 29% of Buckeye Corporation. Net income for Buckeye for the year is $250,000. The journal entry prepared by Wolverine Corporation is:
A.
debit Equity-Method Investment for $72,500 and credit Cash for $72,500.
B.
debit Equity-Method Investment for $72,500 and credit Equity-Method Investment Revenue for $72,500.
C.
debit Cash for $72,500 and credit Equity-Method Investment for $72,500.
D.
debit Equity-Method Investment for $250,000 and credit Equity-Method Investment Revenue for $250,000.