On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million, The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $290 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years d Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. nt Required 1 Calculation Required 1 GJ Required 2 Prepare all appropriate jourmal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10)-) rint View transaction list erences Journal entry worksheet 2 3 4 > Record the investment in Lake Constriction shares. Note: Enter debits before credits Event General Journal Debit Credit 1 On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $290 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years ped Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. ook Complete this question by entering your answers in the tabs below. Hint Required 1 Calculation Required 1 G Required 2 Ask Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) Print View transaction list References Journal entry worksheet 2 3 4 Record the investment revenue. Note: Enter debits before credits Event General Journal Debit Credit 2 On January 1, 2018, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Company for $190 million cash, At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $290 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method 2 Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) View transaction list nces Journal entry worksheet 1 2 4 Record the cash dividends. Note: Enter debits before credits Event General Journal Debit Credit On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $290 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e, 10,000,000 should be entered as 10).) View transaction list ces Journal entry worksheet > 2 1 3 Record the adjustment for depreciation. Note: Enter debits before credits. Debit Credit Event General Journal On January 1, 2018, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Company for $190 million cash At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018, was $290 million. During 2018, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2018, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions, (1.e., 10,000,000 should be entered as 10).) at (S in millions) a. Investment in Cameron's 2018 balangy sheet b. Investment revenue in the income statement nces c. Investing activities in the statement of cash flows Required 1 GJ