Northwest Paperboard Company, a paper and allied 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, 2018, for $580 million. 10 points At the date of purchase, the book value of Vancouver's net assets was $865 million. 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. Skipped The estimated useful life of the plant facilities is 15 years. All inventory acquired was sold during 2018. Vancouver reported net income of $200 million for the year ended December 31, 2018. Vancouver paid a cash dividend of $40 million. eBook Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2018? 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? References Complete this question by entering your answers in the tabs below. Ren 1 Reg 2 and 3 Reg 4 Prepare all appropriate journal entries related to the investment during 2018. (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 I decimal place, i.e., 5.500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 1. Prepare all appropriate journal entries related to the investment during 2018 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2018? 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? points Sidpped 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 2018. (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, (1.e., 5,500,000 should be entered as 5.5).) View transaction list References Journal entry worksheet 1 2 3 4 Record the entry related to the purchase. Note: Enter debits before credits Event General Journal Debit Credit Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2018? 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? points Skipped Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 800k Prepare all appropriate journal entries related to the investment during 2018. (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, (.e., 5,500,000 should be entered as 5.5).) View transaction list References Journal entry worksheet 4 5 Record the entry related to the net income. Note: Enter debits before credits. Event General Journal Debit Credit Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2018? 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? 10 pois Skopped Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 Prepare all appropriate journal entries related to the investment during 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account feld. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 13 The estimated useful life of the plant facilities is 15 years. All inventory acquired was sold during 2018. Vancouver reported net income of $200 million for the year ended December 31, 2018. Vancouver paid a cash divide 10 points Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended Decemb 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? Skipped Complete this question by entering your answers in the tabs below. eBook Reg 2 and 3 Req 4 What should Northwest report in its statement of cash flows regarding its investment in Vancouver? (Enter your answer millions. (1.e., 10,000,000 should be entered as 10).) References Operating cash flow Investing cash flow million million