On January 1, 2021. Garcia Inc bought 20% of the outstanding common stock of Wel Company for $320 million cash, giving Garcia the ability to exercise significant influence over Weir's operations. At the date of acquisition of the stock, Weir's net assets had a fair value of $900 million its book value was $800 million The difference was attributable to the fair value of Weir's buildings and its and exceeding book value, each accounting for one half of the difference Weir's net income for the year ended December 31, 2021 was $160 million During 2021. Weir declared and paid cash dividends of $20 million. 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 Garcia accounts for this investment by the equity method 2 Determine the amounts to be reported by Garcia. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 Required 2 Complete the table below. (Enter your answers in Millions (her 10,000,000 should be entered as 10)). Investee Net Assets Ownership Interest Attributable to: is in millions) Cost Fair Value Weit's assets Book Value Welt's assets Net Assets Purchased Difference $ 320 S 0 $ Years Depreciation adjustment Investment revence Adjustment Required 1 GJ > On January 1, 2021, Garcia Inc. bought 20% of the outstanding common stock of Weir Company for $320 million cash, giving Garcia the ability to exercise significant influence over Weir's operations. At the date of acquisition of the stock, Weir's net assets had a fair value of $900 million. Its book value was $800 million. The difference was attributable to the fair value of Weir's buildings and its land exceeding book value, each accounting for one-half of the difference. Weir's net income for the year ended December 31, 2021. was $160 million. During 2021. Weir declared and paid cash dividends of $20 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Garcia accounts for this investment by the equity method. 2. Determine the amounts to be reported by Garcia, Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GI Required 2 Complete the table below. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10)). Net Assets Difference ($ in millions) Investee Net Assets Ownership Interest Attributable to: Purchased $ 320 Cost Fair Value Weir's assets Book Value Weir's assets % = $ 0 $ 0 Years Depreciation adjustment: Investment revenue Adjustment Haged Calculation Required 1 GJ > ul Prey 1 of 9 Next >