On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $125 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 $420 million and a book value of $220 million. Of the $200 million difference, $26 million was attributable to the appreciated value of inventory that was sold during the last half of 2021,$128 million was attributable to buildings that had a remaining depreciable Iffe of 10 years, and $46 million related to equipment that had a remaining depreciable life of 5 years. Between July 1,2021 , and December 31, 2021. VB earned net income of $48 million and declared and paid cash dividends of $40 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2021, 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. Prepare all appropriate journal entries related to the investment during 2021, assuming Gupta accounts for this investment by the equity internodiate caiculations Girter for a transaction/event, seled "No journal entry required" in the first account field. Do not round Prepare all appropriate journal entries related to the method. (If no Journal entry worksheet Journal entry worksheet Record the Gupta Corporation share of VB company net income. Note: Enter debits before credits. method. (If no entry is required for a transaction/event, select "No journal entry reving Gupta accounts for this investment by the equity intermediate calculations. Enter your answers in millions rounded to 2 decimal entry required" in the first account field. Do not round Journal entry worksheet 4 Record the cash dividend of 25% on shares held. Note: Enter debits before credits. 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 ). ) Journal entry worksheet Note: Enter debits before credits. 1. Prepare all appropriate journal entries related to the investment during 2021 , 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. Determine the amounts to be reported by Gupta. (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 5.50).)