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Exercise 12-23 (Algo) Equity method (L012-6, 12-7] On January 1, 2021, Cameron Inc bought 30% of the outstanding common stock of Lake Construction Company for

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Exercise 12-23 (Algo) Equity method (L012-6, 12-7] On January 1, 2021, Cameron Inc bought 30% of the outstanding common stock of Lake Construction Company for $330 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 fal value of $800 million. Its book value was $600 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 $220 million. During 2021. Loke 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 101 Required 2 Complete the table below. (Enter your answers in milion 10,000,000 should be entired os 10). investee Net Ownership Net Assets (5 in millions) Assets Interest Purchased Difference Cost 5 330 Fair Valve Lake Construction's assets Watt Attributable to 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 16 Required 2 1 Complete the table below. (Enter your answers in millions de 10,000,000 should be entered as 10)) Investee Net Assets Ownership Interest Difference (5 in millions) Attributable to: Net Assets Purchased $ 330 Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Years Adjustment Depreciation adjustment Investment revenue 1 Calon Required 1 GJ > Required 1 Required 160 Calculation Required 2 Prepare all appropriate Journal entries related to the investment during 2021, assuming Cameron 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

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