11 On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 _ _ Calculation Requrred 1 GJ ReqUIred 2 Complete the table below. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10)). Il__ I--I-m mm... -II-lm -I-IH- 11 On January 1, 2018, Cameron Inc. bought 30% ofthe outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of10 years. Required: 1. Complete the table below and prepare all appropriatejournal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 , ' Calculation Requrred 1 G] Reqwred 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the investment in Lake Construction shares. 11 On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of10 years. Required: 1. Complete the table below and prepare all appropriatejournal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 _ _ Calculation ReqUIred 1 GJ ReqUIred 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the investment revenue. 11 On January 1, 2018, Cameron lnc. bought 30% of the outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of1O years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 6] Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the rst account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the cash dividends. Required 1 Calculation A n .. _.A III .. . a 11 On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of10 years. Required: 1. Complete the table below and prepare all appropriatejournal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 . Calculation Requ1red 1 GJ Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account eld. Enter your answers in millions, (i.e., 10,000,000 shouEd be entered as 10).) View transaction list Journal entry worksheet Record the adjustment for depreciation. Required 2 11 On January 1, 2018, Cameron Inc. bought 30% ofthe outstanding common stock of Lake Construction Company for $330 million cash. At the date of acquisition ofthe stock, Lake's net assets had a fair value of $800 million. Their book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $220 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Requ're'j 1 53 Required 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) a. Investment in Cameron's 2018 balance sheet _ b. Investment revenue in the income statement 0. Investing activities in the statement of cash ows