all one question

On January 1, 2024, Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction Company for $360 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 $800 million. Its book value was $700 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 $280 million. During 2024, Lake declared and paid cash dividends of $25 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). On January 1, 2024, Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction Company for $360 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 $800 million. Its book value was $700 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 $280 million. During 2024, Lake declared and paid cash dividends of $25 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. Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions, (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 Camer 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. Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet