On July $1,2024,$ Gupta Corporation bought $25\%$ of the outstanding common stock of VB Company for $$122$ million cash, giving Gupta the ability to exercise significant influence over VB$$s operations. At the date of acquisition of the stock, VB$$s net assets had a total fair value of $$438$ million and a book value of $$242$ million. Of the $$196$ million difference, $$42$ million was attributable to the appreciated value of inventory that was sold during the last half of $2024,$ $$80$ million was attributable to buildings that had a remaining depreciable life of $10$ years, and $$74$ million related to equipment that had a remaining depreciable life of five years. Between July $1,2024,$ and December $31,2024,$ VB earned net income of $$54$ million and declared and paid cash dividends of $$35$ million.

Required:

Prepare all appropriate journal entries related to the investment during $2024,$ assuming Gupta accounts for this investment by the equity method.

Determine the amounts to be reported by Gupta.