Using the attached information, please record the journal entries for Oriole's equity in Lauer's net income and the receipt of dividends from Lauer. Please provide account titles and explanations for debits and credits.

Oriole Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $170,000 and declares and pays a $34,000 cash dividend. Record Oriole's equity in Lauer's net income and the receipt of dividends from Lauer. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31 (To record dividends received)