On January 1, 2024, Cameron Incorporated bought 10% of the outstanding common stock of Lake Construction Company for $160 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 $900 million. Its 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, 2024, was $260 million. During 2024, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 Complete the table below. Note: Enter your answers in millions, (1.e., 10,000,000 should be entered as 10). ($ in millions) Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Depreciation adjustment: Investment revenue Investee Net Assets Ownership Interest Years %= Net Assets Purchased Difference Attributable to: 160 Adjustment Calculation Required 1 > nts Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. Note: 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). eBook View transaction list @ Hint Print Journal entry worksheet < 1 2 3 4 erences Record the investment in Lake Construction shares. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 12 nts eBook 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, 2024, was $260 million. During 2024, Lake declared and paid cash dividends of $40 million. The buildings have a remaining life of 5 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Hint Print eferences Calculation Required 1 Required 2 Determine the amounts to be reported by Cameron. Note: Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Enter your answers In millions, (ie., 10,000,000 should be entered as 10). a. Investment in Cameron's 2024 balance sheet b. Net investment revenue in the income statement c. Investing activities in the statement of cash flows ($ in millions) < Required 1 Required 2 >