For step 1 below please complete the below table.
For step 2 prepare the journal entires.
1. Record The investment in the lake construction shares.
2. Record the investors share of net income.
3. Record the Cash dividents.
4. Record the adjustment for depreciation.
For step 3 Determine the amonuts to be reported by Cameron.
A. Investment in Cameron's 2021 balance sheet.
B. Investment revenue in the income statement.
C. Investing activities in this statement of cash flows.
SHOW ALL STEPS
Exercise 12-23 (Algo) Equity method [LO12-6, 12-7] On January 1. 2021, Cameron inc, bought 10\% of the outstanding common sock of Lake Construction Company for $190 mallion cash. giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's ne' assets had a tair value of $900 million. Its book value was $800 milion. The difference was attribulable to the fair value of Lake's busidings and its land exceeding book value, each accounting for one-haif of the difference. Lake's net income for the year ended December 31, 2021, was $290 mithon. During 2021, Lake declared and paid cash dividends of $30 million. The buldings have a remaineng life of 5 years. Required. 1. Complete the table below and prepare all appropriate journal entries related to the investment duing 2021, assuming Canieron accounts for this imestment by the equity method. 2. Determine the amounts to be reported by Canteron. Ceamplete this question by entering your answers in the tabs below: Complete the table below, (Enter your anvwers in miltions, {. C. 4,10,000,000 thould bet entered as 10)). Consplete this question by entering your answers in the tobs below. Complete the table bolow. (Enter your answers in mililons, (i,e; 10,000,000 ahould be entered as 10}). Prepare all appropriate joumal entries related to tho investment during 2021 , assuming Cameron accounts for this investment by the equity method. (If no entry is required for a tramsactionfevent, select " Ho fournal entry required" in the first account field. Enter your answers in millions, (4.e., 10,000,000 should be entered as 10).) Journal entry worksheet Rocord the investment in Lake Construction shares. Nate: Finer debits befoee credits: Prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a trangaction/event, select "tho fournal entry required" in the first account field, Enter youf answerti in miltions, (He, 10,000,000 should be entered as 10).) Journal entry worksheet 4 Journal entry worksheet Record the cash dividends. Note: Enter debits before credits. Journal entry worksheet Record the adjustment for depreciation. Note: Enter debits before credits. assets had a fair value of $900 milfion, Its book value was $800 miliion. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2021, was $290 million. During 2021, Lake declared and paid cash dividends of $30 malion. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Determine the amounts to be reported by Camoron. (Ampunts to be deducted, including losses and cash autflows, should be indicated with a minus sigri. Enter your answers in mallions, (ii, 10,000,000 should be entered as 10) )
