Northwest Psperboard Company, a poper and allied products manufacture, was seeking to gain a foothold in Canada. Towaid that end, the company bought 405 of the outstanding common shares of Vancouvet Jimber and Milling Incorporated on January? 2024. for $430 million At the date of purchase, the book value of Vancouver's net assets was 5790millon. The brok values and fail values fot all balance sheet items were the same except for inventory and plant facilities. The fail value exceedegfoook value by \$10 million for the inventory and by $15 inilion for the plant facilitles The estimated useful life of the plant facilities is 12 years. All inventory acquired was sold during 2024 Vancouver reported net income of $170 milion for the year ended December 31, 2024. Vancouver pald a cash dividend of $40 mitlion Required: 1. Prepare all appropiate joumal 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 Defember 31, 2024? 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. Prepare all appropriate Journal entries related to the investment during 2024. Note: if no entry is required for a transaction/event, select "No Journal entry required" in thefirst account fleld. Enter your answers millions rounded to 1 decimal place, (1.e. 5,500,000 should be entered as 5.5). Jourrial entry worksheet Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2024 Note: If no entry is required for a transaction/event, select "No joumal entry required" in thefirst account field. Enter your a millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 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 transaction/event, select "No journal entry required" in thefirst account field. Enter your ans millions rounded to 1 decimal place, (i.e, 5,500,000 should be entered as 5.5). Journal entry worksheet 5 Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the/first aecount fleld. Ente millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record the entry related to the inventory adjustment. Note: Enter debits before credits. Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field. Ente millions rounded to 1 decimal place, (i.e, 5,500,000 should be entered as 5.5). Journal entry worksheet Record the entry related to the depreciation adjustment. Note: Enter debirs before credits. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31,2024 ? Note: Enter your answer in millions rounded to 1 decimal place, (l.e, 5,500,000 should be entered as 5.5). Complete this question by entering your answers in the tabs below. What amount should Northwest report in its balance sheet as its investment in Vancouver? Note: Enter your answer in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5) Complete this question by entering your answers in the tabs below. What should Northwest report in its statement of cash flows regarding its investment in Vancouver? Note: Enter all amounts as positive values, Enter your answers in millions ( ,.,1,10,000,000 should be entered as 10)
