2 Assignment SAVESE You skipped this question in the previous attempt 5 Check my work Exercise 12-23 (Static) Equity method (LO12-6, 12-7) On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $200 million cath, glying 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 and exceeding book value. each accounting for one-half of the difference Lake's net income for the year ended December 31, 2021, was $150 million During 2021, 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 2021, 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 G Required 2 Complete this question by entering your answers in the tabs below. Required Calculation Required 16 Required 2 Complete the table below. (Enter your answers in millions, (.. 10,000,000 should be entered as 10)). Investee Ownership is in millions) Difference Attributable to: Net Assets Interest Cost 5 $ Fair Value Lake Construction's assets $ Book Value Lake Construction's assets Net Assets Purchased 300 0 0 Years Adjustment Depreciation adjustment Investment revenue Required 1 GJ > Next HE You skipped this question in the previous attempt 5 Complete this question by entering your answers in the tabs below. 2 points Required 1 Calculation Required 1 G) Required 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted, including losses and cash outflows indicated with a minus sign. Enter your answers in millions, (t.e., 10,000,000 should be entered as 10)). Book Hint (s in millions) Print a. Investment in Cameron's 2021 balance sheet b. Investment revenue in the income statement c. Investing activities in the statement of cash flows References