On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 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 $600 million its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its and exceeding book value, each accounting for one-half of the difference Lake's net income for the year ended December 31, 2021 was $230 milion During 2021. lake declared and paid cash dividends of $40 milion. The buildings have a remaining life of 10 years Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, 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 tatis below. Required Calculation Required 101 Required 2 Complete the table below. (inter your answers in million, ... 10,000,000 should be entered 10) is in millions vectNet Assets Ownership Interest Notes Cullorence Able to 1 340 Cost Fair Value Late Construction's Book Value La Constructions 5 0 Depreciation adjustment Invest Years A Required 10 ) On January 1, 2021. Cameron inc bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lakes net assets had a fair value of $600 million Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its and exceeding book value, each accounting for one hat of the difference. Lake's net income for the year ended December 31, 2021 was $230 milion. During 2021, Lake declared and paid cash dividends of 540 million. The buildings have a remaining life of 10 years Required: 1. Complete the table below and prepare all appropriate journal entries reined to the investment during 2021, 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 Calculation Required 1 Gequired 2 Prepare all appropriate journal entries related to the investment during 2003, uming Cameron account for this investment by the equity method. (If no entry is required for a transaction/event, select the journal entry wired in the first account field Enter your answers in million 10,000,000 should be entered as 10). View transaction list Journal entry worksheet
