Northwest Paperboard Company, a paper and alled products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Milling, Inc., on January 2, 2021, for $460 million At the date of purchase, the book value of Vancouver's net assets was $805 million. The book values and fall values for all balance sheet Items were the same except for Inventory and plant facilities. The fair value exceeded book value by $5 millon for the Inventory and by $30 million for the plant facilities. The estimated useful life of the plant facilities is 15 years. All Inventory acquired was sold during 2021. Vancouver reported net Income of $200 million for the year ended December 31, 2021. Vancouver paid a cash dividend of $20 million Required: 1. Prepare all appropriate journal entries related to the investment during 2021. 2. What amount should Northwest report as its income from Its Investment in Vancouver for the year ended December 31, 2021? 3. What amount should Northwest report in its balance sheet as its investment in Vancouver? 4. What should Northwest report In Its statement of cash flows regarding its Investment in Vancouver? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare all appropriate journal entries related to the investment during 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place, Cie., 5,500,000 should be entered as 5.5).) View transaction list View journal entry woricsheet Credit Debit 460 000,0000 460 000.000.0 Record the entry related to the purchase. 80,000,000,0 Record the entry related to the net income. 80 000,000.0 Record the entry related to the dividends. 8,000,000,0 ~ Record the entry related to the inventory adjustment. 8,000,000.0 5 Record the entry related to the depreciation adjustment. 800 000.0 800,000.0 Reg 2 and 3 > Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What should Northwest report in its statement of cash flows regarding its investment in Vancouver? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) million Operating cash flow Investing cash flow million