On January 4, 2024, Runyan Bakery pald $324 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 recelved dividends of $200 per share on December 15,2024 , and Lavery reported net Income of $160 million for the year ended December 31, 2024. The market value of Lavery's common stock at December 31, 2024, was $31 per share. On the purchase date, the book value of Lavery's Identlifiable net assets was $800 million and: a. The fair value of Lavery's depreclable assets, wlth an average remalning useful IIfe of slx years, exceeded thelr 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. Prepare all approprlate Journal entrles related to the Investment during 2024 , assuming Runyan accounts for this Investment by the equity method. 2. Prepare the Journal entrles requlred by Runyan, assuming that the 10 million shares represent a 10% Interest In the net assets of Lavery rather than a 30% Interest. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 10% interest in the net assets of Lavery rather than a 30% interest. 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)