Exercise 12-23 (Algo) Equity method [LO12-6, 12-7] On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $260 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 $900 million. Its book value was $850 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting one-half of the difference. Lake's net income for the year ended December 31, 2021, was $130 million. During 2021, Lake declared and paid cash dividends of $10 million. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the table below. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10). Net Assets Difference ($ in millions) Investee Net Assets Ownership Interest Attributable to: Purchased $ 260 Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets % $ 0 % $ 0 Years Adjustment Depreciation adjustment: Investment revenue