On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $400 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $700 million. Its book value was $600 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, 2021, was $200 million. During 2021, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 10 years. Journal entry worksheet Record the cash dividends. Note: Enter debits before credits. Transaction General Journal Debit Credit 3