On July 1, 2018, Gupta Corporation bought 20% of the outstanding common stock of VB Company for $130 million cash. At the date of acquisition of the stock, VB's net assets had a total fair value of $500 million and a book value of $300 million. Of the $200 million difference, $20 million was attributable to the appreciated value of inventory that was sold during the last half of 2018, $150 million was attributable to buildings that had a remaining depreciable life of 15 years, and $30 million related to equipment that had a remaining depreciable life of 10 years. Between July 1, 2018, and December 31, 2018, VB earned net income of $25 million and declared and paid cash dividends of $20 million Required 1. Prepare all appropriate journal entries related to the investment during 2018, assuming Gupta accounts for this investment by the equity method 2. Determine the amounts to be reported by Gupta Complete this question by entering your answers in the tabs below Required1Required 2 Prepare all appropriate journal entries related to the investment during 2018, assuming Gupta accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Show lessA Vlew transaction list Journal entry worksheet 4 Record the purchase of VB company shares for $130 million Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required2 >