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 $400 million At the date of purchase, the book value of Vancouver's net assets was $775 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 $20 million for the plant facilities. The estimated useful life of the plant facilities is 16 years. All inventory acquired was sold during 2018 Vancouver reported net income of $140 million for the year ended December 31, 2018. Vancouver paid a cash dividend of $30 million 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? Complete this question by entering your answers in the tabs below. Reg 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, seled journal entry required" in the first account field. Enter your answers in millions rounded to I decimal place, (.e., 5,500,000 should entered as 5.5).) View transaction list Tournal entry worksheet Prey of a The estimated useful life of the plant facilities is 16 years. All inventory acquired was sold during 2018 Vancouver reported net income of $140 million for the year ended December 31, 2018. Vancouver paid a cash dividend of $30 million bed 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? Complete the nunction by entering your answers in the tabs below. Req 2 and 3 Reg 1 Req land 3 Reg 4 What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2018 and in its balance sheet as its investment in Vancouver? (Enter your answer in millions rounded to 1 decimal place, (ie, 5,500,000 should be entered as 5.5).) million Income Statement Amount Balance Sheet Amount million Reg 1 Reg 4 > The estimated useful life of the plant facilities is 16 years. All inventory acquired was sold during 2018 Vancouver reported net income of $140 million for the year ended December 31, 2018. Vancouver paid a cash dividend of $30 million 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? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 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
