On January 4, 2016, Runyan Bakery paid $360 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 chose the fair value option to account for this investment. Runyan received dividends of $4.5 per share on December 15, 2016, and Lavery reported net income of $330 million for the year ended December 31, 2016. The market value of Lavery's common stock at December 31, 2016, was $32 per share. On the purchase date, the book value of Lavery's net assets was $980 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 $80 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: 1.1 Prepare all appropriate journal entries related to the investment during 2016, assuming Runyan accounts for this investment under the fair value option, and accounts for the Lavery investment in a manner similar to what it would use for trading securities. (If no entry is required for a transactionlevent, 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 lis Journal entry worksheet 2 3 4 5 Record the purchase of Lavery Labeling stock for $360 million