Fizer Pharmaceutical paid $78 million on January 2, 2018, for 6 million shares of Carne Cosmetics common stock. The investment represents a 25% interest in the net assets of Carne and gave Fizer the ability to exercise significant influence over Carnes operations. Fizer received dividends of $2 per share on December 21, 2018, and Carne reported net income of $28 million for the year ended December 31, 2018. The fair value of Carnes common stock at December 31, 2018, was $28.50 per share.

The book value of Carne's net assets was $192 million.

The fair value of Carne's depreciable assets exceeded their book value by $48 million. These assets had an average remaining useful life of twelve years.

The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

Required: Complete the table below and prepare the appropriate journal entries related to the investment during 2018.

(millions)	Investee Net Assets	x	Ownership Interest %	Net Assets Purchased	Difference	Is Attributable to
Purchase Price				78 M
Fair Value Carne's Assets
Book Value Carne's Assets
Depreciation Adjustment			Years	Adjustment
Investment Revenue		/(divide by

Journal Entries. For the 4th Entry*********What should I put there? -To record Depreciation Adjustment?

gen journal account	debit	credit
1.Investment in Carne Shares (correct)	78
Cash		78
2 Investment in Carne Shares(correct)	7
Investment Revenue		7
3. Cash (correct)	12
Investment in Carne Costmetic Shares		12
4. Investment Revenue	???
Investment in Carne Cosmetic Shares		???
(To record the Depreciation Adjustment)
5. no journal entry required (correct)