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Fizer Pharmaceutical paid $88 million on January 2, 2024, for 8 million shares of Carne Cosmetics common stock. The investment represents a 30% interest in
Fizer Pharmaceutical paid $88 million on January 2, 2024, for 8 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 $1 per share on December 21, 2024, and Carne reported net income of $60 million for the year ended December 31, 2024. The fair value of Carne's common stock at December 31, 2024, was $38.50 per share. - The book value of Carne's net assets was $230 million. - The fair value of Carne's depreciable assets exceeded their book value by $30 million. These assets had an average remaining useful life of nine 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 )
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