On July $1,2024,$ Gupta Corporation bought $25\%$ of the outstanding common stock of VB Company for $$128$ million cash, giving Gupta the ability to exercise significant influence over VB$\text{'}$s operations. At the date of acquisition of the stock, VB$\text{'}$s net assets had a total fair value of $$462$ million and a book value of $$248$ million. Of the $$214$ million difference, $$48$ million was attributable to the appreciated value of inventory that was sold during the last half of $2024,$$$80$ million was attributable to buildings that had a remaining depreciabl life of $10$ years, and $$86$ million related to equipment that had a remaining depreciable life of five years. Between July $1,2024,$ and December $31,2024,$ VB earned net income of $$64$ million and declared and paid cash dividends of $$38$ 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.

Complete this question by entering your answers in the tabs below.

Required $2$

Determine the amounts to be reported by Gupta.

Note: Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Do not round intermediate calculations. Enter your answers in millions rounded to $2$ decimal places $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}50.$

$\backslash$table$[[,($$ in millions$)],[$a$.$ Investment in Gupta's December $31,2024,$ balance sheet,$],[$b$.$ Net investment revenue $($loss$)$ in Gupta's $2024$ income statement,$],[$c$.$ Investing activities in Gupta's $2024$ statement of cash flows,$]$