On January 2, 2011, Best Beverages acquired 27 percent of the stock of Better Bottlers for $18 million in cash. Best Beverages accounts for its investment using the equity method. At the time of acquisition, Better Bottlers' balance sheet was as follows (in millions): Better Bottlers Balance Sheet, January 2, 2011 (in millions) Assets Current assets $12 Property and equipment, net 249 Patents and trademarks 90 Total assets 351 Liabilities and equity Current liabilities 25.2 Long-term debt 310.8 336 7.2 7.8 15 $351 Total liabilities Capital stock Retained earnings Total equity Total liabilities and equity At the date of acquisition, valuation of Better Bottlers' assets and liabilities revealed that its reported patents and trademarks (12-year life) had a fair value of $96 million and it had unrecognized brand names (18-year life) worth $5.4 million. Several years later, Better Bottlers' December 31, 2014 retained earnings balance is $15 million. For 2014, it reported net income of $1.5 million and paid $390,000 in dividends. For all answers below, enter the complete figures using all zeros. For example, $1 million should be entered as 1,000,000. (a) Prepare the 2014 entries to report the above information on Best Beverages' books. Note: Enter answers using all zeros. Do not abbreviate in millions or thousands. General Journal Description Debit Credit Investment in Better Bottlers Equity in net income of Better Bottlers 405,000 x 0 0 405,000 x To accrue earnings of the investee. Cash Investment in Better Bottlers To record receipt of declared dividends. = 292,500 x 0 0 292,500 x (b) Calculate the Investment in Better Bottlers balance, reported on Best Beverages' December 31, 2014 balance sheet. Note: Enter answers using all zeros. Do not abbreviate in millions or thousands. $ 32,520,000 x