Fizer Pharmaceutical paid $$84$ million on January $2,2024,$ for $10$ 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 Carne's operations.

Fizer received dividends of $$1$ per share on December $21,2024,$ and Carne reported net income of $$56$ million for the year ended

December $31,2024.$ The fair value of Carne's common stock at December $31,2024,$ was $$34\mathrm{.}50$ per share.

The book value of Carne's net assets was $$208$ 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 $2024.$

Complete this question by entering your answers in the tabs below.

Prepare the appropriate journal entries related to the investment during $2024.$

Note: 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 $10).$

$1$ Record the investment in Carne Cosmetics shares.

$2$ Record the investor's share of net income.

$3$ Record the cash dividends.

$4$ Record the depreciation adjustment.

$5$ Record the fair value adjustment at year$-$end.

Credit

Note : $0$ journal entry has been enteredFizer Pharmaceutical paid $$84$ million on January $2,2024,$ for $10$ 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 Carne's operations.

Fizer received dividends of $$1$ per share on December $21,2024,$ and Carne reported net income of $$56$ million for the year ended

December $31,2024.$ The fair value of Carne's common stock at December $31,2024,$ was $$34\mathrm{.}50$ per share.

The book value of Carne's net assets was $$208$ 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 $2024.$

Complete this question by entering your answers in the tabs below.

Complete the table below.

Note: Enter your answers in millions, $($i$.$e$.,10,000,000$ should be entered as $10).$