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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

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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 influehce 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 bulidings 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 $120 million. During 2021, Lake declared and paid cash dividends of $30 million. The bulidings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate joumal 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 tabs below. Complete the table below. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10). Prepare all appropriate journal entries related to the investment during 2021, 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).). Journal entry worksheet Record the investment in Lake Construction shares. Nate: Enter dethiti betore crectits. Journal entry worksheet 4 Record the investor's share of net income. Note: Enter debits before credits. Journal entry worksheet 1 4 Note: Inter debits before credits. Journal entry worksheet 1 Note: Enter debits before credits. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Determine the amounts to be reported by Cameron. (Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).)

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