Could you just double check my answers, please?

Problem 12-12 Fair value option; equity method investments [LO12-5, 12-6, 12-7, 12-8]

On January 4, 2018, Runyan Bakery paid $362 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 chose the fair value option to account for this investment. Runyan received dividends of $4 per share on December 15, 2018, and Lavery reported net income of $340 million for the year ended December 31, 2018. The market value of Lavery's common stock on December 31, 2018, was $33 per share. On the purchase date, the book value of Lavery's net assets was $990 million and:

1. The fair value of Lavery's depreciable assets, with an average remaining useful life of [a(27)] years, exceeded their book value by $90 million.
2. 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-a. Prepare all appropriate journal entries related to the investment during 2018, assuming Runyan accounts for this investment under the fair value option and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is no significant influence. 1-b. Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet. 2-a. Prepare all appropriate journal entries related to the investment during 2018, assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Laverys income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. 2-b. Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet.

Problem 12-12 Fair value option; equity method investments [LO12-5, 12-6, 12-7, 12-8] On January 4, 2018, Runyan Bakery paid $362 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 chose the fair value option to account for this investment. Runyan received dividends of $4 per share on December 15, 2018, and Lavery reported net income of $340 million for the year ended December 31, 2018. The market value of Lavery's common stock at December 31, 2018, was $33 per share. On the purchase date, the book value of Lavery's net assets was $990 million and a. The fair value of Lavery's depreciable assets, with an average remaining useful life of [a(27)] years, exceeded their book value by $90 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-a. Prepare all appropriate journal entries related to the investment during 2018, assuming Runyan accounts for this investment under the fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is not significant influence 1-b. Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet. 2-a. Prepare all appropriate journal entries related to the investment during 2018, assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAF 2-b. Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Effect on net income Investment 8 million 330 million K Req 1A Req 2A > Complete this question by entering your answers in the tabs below Req 1A Req 1B Req 2A Req 2B Prepare all appropriate journal entries related to the investment during 2018, assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. (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).) Show lessA View transaction list View journal entry worksheet Event General Journal Debit Credit Investment in Lavery Labeling shares 362 Cash 362 Investment in Lavery Labeling shares 102 Investment revenue 102 Cash 40 Investment in Lavery Labeling shares 40 4 4 Investment revenue Investment in Lavery Labeling shares Fair v alue adjustment Unrealized holding loss-NI 32 32 Req 1B Req 2B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Calculate the effect of these journal entries on 2018 net income, and the amount at which the investment is carried in the December 31, 2018, balance sheet. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Net income 101 million Investment 330 million Req 2A Req 2B