On July $1,2024,$ Gupta Corporation bought $25\%$ of the outstanding common stock of VB Company for $$140$ million cash, glving 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 falr

value of $$510$ million and a book value of $$260$ million. Of the $$250$ million difference, $$60$ million was attributable to the appreclated

value of Inventory that was sold during the last half of $2024,$$$80$ million was attributable to bulldings that had a remalning depreclable

Iffe of $10$ years, and $$110$ million related to equipment that had a remalning depreclable llfe of five years. Between July $1,2024,$ and

December $31,2024,$ VB earned net Income of $$76$ million and declared and pald cash dividends of $$44$ million.

Required:

Prepare all approprlate Journal entrles related to the Investment during $2024,$ assuming Gupta accounts for this Investment by

the equity method.

Determine the amounts to be reported by Gupta.

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

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

$5\mathrm{.}50).$