Fizer Pharmaceutical paid $85 million on January 2, 2024, for 4 million shares of Carne Cosmetics common stock. The investment represents a 30% 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, 2024, and Carne reported net income of $50 million for the year ended December 31, 2024. The fair value of Carnes common stock at December 31, 2024, was $26.50 per share.

• The book value of Carne's net assets was $200 million.
• The fair value of Carne's depreciable assets exceeded their book value by $40 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.

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 accol millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet Note: Enter debits before credits. 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 acco millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 5 Record the investment in Carne Cosmetics shares. Note: Enter debits before credits. Fizer Pharmaceutical paid $85 million on January 2, 2024, for 4 million shares of Carne Cosmetics common stock. The investment represents a 30% interest in the net assets of Carne and gave Fizer the ability to exercise significant influence over Carne's operations. Fizer received dividends of $2 per share on December 21, 2024, and Carne reported net income of $50 million for the year ended December 31,2024 . The fair value of Carne's common stock at December 31,2024 , was $26.50 per share. - The book value of Carne's net assets was $200 million. - The fair value of Carne's depreciable assets exceeded their book value by $40 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 ). 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 acco millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 5 Record the investor's share of net income. Note: Enter debits before credits. 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 accou millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 1 Note: Enter debits before credits. 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 accou millions, (i.e., 10,000,000 should be entered as 10). Journal entry worksheet Record the fair value adjustment at year-end. Note: Enter debits before credits