Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the compapy bought 40% of the outstanding common shares of Vancouver Timber and Milling. Incorporated on January 2. 2024 , for $420 million. At the date of purchase, the book value of Vancouver's net assets was $785million. The book values and fair values for all balance . sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $5 million 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 2024. Vancouver reported net income of $160 million for the year ended December 31, 2024. Vancouver paid a cash dividend of $30 million. Required: 1. Prepare all appropriaie journal entries related to the investment during 2024. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31 , 2024? 3. What amount should Northwest report in its balance sheet as its imvestment 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. Prepare all appropriate joumal entries related to the investment during 2024. Note: if no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Enter your answers in milions rounded to 1 decimat place, (i.e., 5,500,000 should be entered as 5.5 )