Exercise 21-16 (Static) Equity method investment; financial statement effects [LO21-3, 21-5] On January 1, 2024, Clor-Proell Enterprises bought 20% of the outstanding common stock of Chen Construction Company for $600 million cash. Chen's net income for the year ended December 31, 2024, was $300 million. During 2024, Chen declared and paid cash dividends of $60 million. Clor-Proell recorded the investment as follows: General Journal ($ in millions) Debit Credit PURCHASE Investment in Chen Construction shares 600 Cash 600 NET INCOME Investment in Chen Construction shares (20% $300 million) 60 Investment revenue 60 DIVIDENDS Cash (20% $60 million) 12 Investment in Chen Construction shares 12