Northwest Paperboard Company, a paper and allied products manufacturer was seeking to gama foothold in Canada Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Mining, Inc. on January 2, 2021 for $550 million At the date of purchase, the book value of Vancouver's net assets was $950 million The book values and values force sheet tems were the same except for Inventory and plant tacities The tar value exceeded book value by 50 henventory and by 515 million for the plant factimes The estimated useful life of the plant facilities is 15 years. All rentary scoured was sold Gong 2021 Vancouver reponed net income of 5170 million for the year ended December 31, 2021 Vancouver les cash dividend of $60 min Required: 1. Prepare all appropriate journal entries related to the investment during 2021 2. What amount should Northwest report as its income trom its investment in Vancouver for the year ended December 2001 3. What amount should Northwest report in its balance sheet as nos investment in Vancouver? 4. What should Northwest report in its statement of cash flows regarding its investment in Vancouver Journal entry worksheet ton Record the entry related to the inventory adjustment. Note: Enter debits before credits: Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 > Record the entry related to the depreciation adjustment. Note: Enter debits before credits Transaction General Journal Debit Credit 5 Record entry Clear entry View general joumal Reg 1 Reg 2 and 3 Reg 4 What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2021 and in its balance sheet as its investment in Vancouver? (Enter your answers in millions rounded to 1 decimal place, (e. 5,500,000 should be entered as 5.5).) 2 income statement amount Balance sheet amount million 3 million Reg 1 Reg 2 and 3 What should Northwest report in its statement of cash flows regarding its investment in Vancouver? (Enter all amounts as positive values. Enter your answers in millions. (e. 10,000,000 should be entered as 10).) Operating cash flow Investing cash flow million million