2. Award A 142 ports On July 1, 2018. Gupta Corporation bought 25% of the outstanding common stock f of the stock Vas not assets had a total of $350 and rib e to the preciated value of inventory that was o o depreciable ecember 31, 2017 10 value of new 10 years, and 30 m het mome of 30 million and Company for $10 million cash the date o u ring the last half of 2018, S on was the lo blogs that had a the remaining depreci o year wenuity 1, 2018 m on and declared and paid cash dividends on Required 1. Prepare a proprie journal 2. Detine thout to be reported by G during 2018 asing up accounts for investment by the uity method O c Complete this question by entering your answers in the tabs below. Required Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Gupta accounts for this investment by the equity quired for a transaction event, select "No journal entry required in the first account feld. Do not round intermediate calculations Enter te calculations. Enter your answers in milions rounded to 2 decimal places cl.e., 5,500,000 should be entered as 5.50).) Journal entry worksheet Record the amortization of the differential Note: Enter debits before credits Debit Credit General Journal vestrert Relente Iwesthet in VB Shares Record entry Clearntry View general Journal Required Required 2 > Assignment Print View Award: 1.42 points 2018. Guptassets had a to On July 1, 2018, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $100 million cash. At the date of acquisition of the stock, VB's net assets had a total fair value of $350 million and a book value of $220 million of the $130 million difference, $20 million was attributable to the appreciated value of inventory that was sold during the last half of 2018, S80 million was attributable to buildings that had a remaining depreciable life of 10 years, and $30 million related to equipment that had a remaining depreciable life of 5 years. Between July 1, 2018, and December 31, 2018, VB earned net income of $32 million and declared and paid cash dividends of $24 million. inventory that wrelated to e Required: 1. Prepare all appropriate journal entries related to the investment during 2018, assuming Gupta accounts for this investment by the equity method. 2. Determine the amounts to be reported by Gupta. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Gupta 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. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (.e., 5,500,000 should be entered as 5.50).) View transaction list ter your answers in millions rounded to 2 decimal places (i.e., 5,500,00 View transaction list Journal entry worksheet