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My WOT On January 4, 2021, Runyan Bakery paid $340 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan received dividends of $2.60 per share on December 15, 2021, and Lavery reported net income of $230 million for the year ended December 31, 2021. The market value of Lavery's common stock at December 31, 2021, was $32 per share. On the purchase date, the book value of Lavery's identifiable net assets was $880 million and: a. The fair value of Lavery's depreciable assets, with an average remaining useful life of four years, exceeded their book value by $120 million. b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill. Required: 1. Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan accounts for this investment by the 2. Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% Interest. nces 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 2021, assuming Runyan 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. (.e., 10,000,000 should be entered as 10).) View transaction ist Journal entry worksheet 1 3 4 5 2 Record the purchase of Lavery Labeling stock for $340 million MacBook Pro Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan 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. (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 1 4 5 Record the purchase of Lavery Labeling stock for $340 million. ces Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Required Required 2 > Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan 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 1 3 4 5 > Record Runyan Bakery's share of Lavery's $230 million net income. ces Note: Enter debits before credits General Journal Debit Credit Transaction 2 Record entry Clear entry View general Journal Red Required 2 > MacBook Pro Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan 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 2 3 Record the receipt of cash dividends of $2.6 per share on 10 million shares. 5 Note: Enter debits before credits Transaction General Journal Debit Credit View general journal Record entry Clear entry (Required Required 2 > Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan 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. (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 3 5 Record any necessary entry related to depreciation. The fair value of Lavery's depreciable assets, with an average remaining useful life of four years, exceeded their book value by $120 million Note: Enter debits before credits Debit General Journal Transaction Credit View general Journal Record entry Clear entry (Required Required 2 > 6 of 8 !!! Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Runyan 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. (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Coro Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December 31, 2021 was $32 per share. Note: Enter debits before credits Transaction General Journal Debit Credit 5 Record entry Clear entry View general Journal Required 2 > MacBook Pro Required 1 Required 2 Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% Interest. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions. (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 1 4 Record the purchase of Lavery Labeling stock for $340 million Note: Enter debits before credits Debit General Journal Transaction Credit 1 View general Journal Clear entry Record entry MacBook Pro Required 1 Required 2 Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% Interest. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (.e., 10,000,000 should be entered as 10).) View transaction list Book Journal entry worksheet Print w Required 1 Required 2 Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% interest. (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 2 Record the receipt of cash dividends of $2.6 per share on 10 million shares. Note: Enter debits before credits Transaction General Journal Debit Credit 3 Record entry Clear entry View general Journal MacBook Pro Required 1 Required 2 Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% Interest. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet nces Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December 31, 2021 was $32 per share. Note: Enter debits before credits Transaction General Journal Debit Credit 4 Record entry Clear entry View general journal MacBook Pro