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10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 years. eBook Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Hint Complete this question by entering your answers in the tabs below. Print Required Required Required 1 1 GJ 2 Reference Complete the table below. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10)). ($ in millions) Investee Net Assets Ownership Interest Net Assets Purchased Difference Attributable to: $ 240 % = Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets % = Years Depreciation adjustment: Investment revenue Adjustment Required 1 Calculation Required 1 GJ > 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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 eBook Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 GJ 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 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).) Show less View transaction list Journal entry worksheet 3 4 > Record the investment in Lake Construction shares. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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. . eBook Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 1 G) 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 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).) Show less View transaction list Journal entry worksheet 1 3 4 > Record the investor's share of net income. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 years. eBook 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. Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 1 G] 2 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 transaction/event, select "No joumal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet Note: Enter debits before credits. General Journal Transaction 3 Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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. eBook Hint Complete this question by entering your answers in the tabs below. Print 0 Reference Required Required Required 1 G) 2 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 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).) Show less View transaction list Journal entry worksheet 1 2 3 4 Record the adjustment for depreciation. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 years. eBook Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Hint Complete this question by entering your answers in the tabs below. Print Reference Reference Required Required Required 1 1 G) 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) Show less ($ in millions) a. Investment in Cameron's 2021 balance sheet b. Investment revenue in the income statement c. Investing activities in the statement of cash flows 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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 eBook Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 GJ 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 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).) Show less View transaction list Journal entry worksheet 3 4 > Record the investment in Lake Construction shares. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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. . eBook Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 1 G) 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 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).) Show less View transaction list Journal entry worksheet 1 3 4 > Record the investor's share of net income. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 years. eBook 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. Hint Complete this question by entering your answers in the tabs below. Print Reference Required Required Required 1 1 G] 2 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 transaction/event, select "No joumal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet Note: Enter debits before credits. General Journal Transaction 3 Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 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. eBook Hint Complete this question by entering your answers in the tabs below. Print 0 Reference Required Required Required 1 G) 2 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 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).) Show less View transaction list Journal entry worksheet 1 2 3 4 Record the adjustment for depreciation. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit Record entry View general journal Clear entry 10 10 points On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. 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 $230 million. During 2021, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 10 years. eBook Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Hint Complete this question by entering your answers in the tabs below. Print Reference Reference Required Required Required 1 1 G) 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) Show less ($ in millions) a. Investment in Cameron's 2021 balance sheet b. Investment revenue in the income statement c. Investing activities in the statement of cash flows