On January 4, 2016, Runyan Bakery paid $346 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan received dividends of $2.80 per share on December 15, 2016, and Lavery reported net income of $260 million for the year ended December 31, 2016. The market value of Lavery's common stock at December 31, 2016, was S32 per share. On the purchase date, the book value of Lavery's net assets was $910 million and a. The fair value of Lavery's depreciable assets, with an average remaining useful life of six years exceeded their book value by $60 million b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill Required 1. Prepare all appropriate journal entries related to the investment during 2016, assuming Runyan 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).) View transaction list Record the purchase of Lavery Labeling stock for $346 million 1 2 Record Runyan Bakery's share of Lavery's $260 million net income. Record the receipt of cash dividends of $2.8 per share on 10 million shares 3 Credit 4 Record any necessary entry related to depreciation. The fair value of Lavery's depreciable assets, with an average remaining useful life of six years, exceeded their book value by $60 million