12.8 please help
Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accoun equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first accoun millions, (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Record the investment in Lake Construction shares. Note: Enter debits before credits. Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron a equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first : millions, (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Note: Enter debits before credits. Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investme equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your a millions, (1.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Record the adjustment for depreciation. Note: Enter debits before credits. Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account millions, (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Determine the amounts to be reported by Cameron. Note: Amounts to be deducted, including losses and cash outflows, should be indicated with a m in millions, (i.e., 10,000,000 should be entered as 10 ). 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024 , 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. Complete the table below. Note: Enter your answers in millions, (1.e, 10,000,000 should be entered as 10), Exercise 12-23 (Static) Equity method; financial statement effects [LO12-6, 12-7] On January 1, 2024, Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction Company for $300 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Its book value was $800 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 31,2024 , was $150 million. During 2024, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024, 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. Complete the table below. Note: Enter your answers in millions, (1.e, 10,000,000 should be entered as 10)
