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, Incorporated on January $2,2024,$ for $$530$ million.

At the date of purchase, the book value of Vancouver's net assets was $$840$ million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $$10$ million for the inventory and by $$15$ million for the plant facilities.

The estimated useful life of the plant facilities is $12$ years. All inventory acquired was sold during $2024.$

Vancouver reported net income of $$150$ million for the year ended December $31,2024.$ Vancouver paid a cash dividend of $$40$ million.

Required:

Prepare all appropriate journal entries related to the investment during $2024.$

What amount should Northwest report as its income from its investment in Vancouver for the year ended December $31,2024?$

What amount should Northwest report in its balance sheet as its investment in Vancouver?

What should Northwest report in its statement of cash flows regarding its investment in Vancouver?