Western Inc. purchased a 30% interest in Northern Corp for $1,000,000. This investment gives Western significant influence over Northern. During the year, Northern earned net income of $200,000 and paid total dividends of $100,000.1. Which of the following journal entries is required by Western to record the dividends paid by Northern?a. Cash $30,000Equity Investments $30,000b. Cash $100,000Investment Income $100,000c. Dividend Revenue $30,000Equity Investments $30,000d. Equity Investments $60,000Dividend Revenue $60,0002. Which of the following journal entries is required by Western to record the net income earned by Northern?a. Equity Investment $300,000Cash $300,000b. Cash $200,000Investment Income $200,000c. Dividend Revenue $100,000Equity Investments $100,000d. Equity Investments $60,000Investment Income $60,000Answer this two part question.