Question
On January 1, 2024, Cameron Incorporated bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash, giving Cameron the ability
On January 1, 2024, Cameron Incorporated bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash, giving Cameron the ability to exercise significant influence over Lakes operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Its book value was $700 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. Lakes net income for the year ended December 31, 2024, was $250 million. During 2024, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 5 years.
1 | 1 | Investment in equity affiliateselected answer correct | 420 | |
Cashselected answer correct | 420 | |||
2 | 2 | Investment in equity affiliateselected answer correct | 75 | |
Investment revenueselected answer correct | 75 | |||
3 | 3 | Cash | ||
Investment in equity affiliates | ||||
4 | 4 | Investment revenue | ||
Investment in equity affiliate |
(answers in millions)
a. Investment in Camerons 2024 balance sheet | |
b. Net investment revenue in the income statement | |
c. Investing activities in the statement of cash flows |
I just need 3 and 4 amounts in the balance sheet and the bottom 3 answers please
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