On July $1,2024,$ Gupta Corporation bought $25\%$ of the outstanding common stock of VB Company for $$134$ 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 $$486$ million and a book value of $$254$ million. Of the $$232$ million difference, $$54$ 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 $$98$ 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 $$70$ million and declared and paid cash dividends of $$41$ 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.