On July 1, 2024, Gupta Corporation bought \25 of the outstanding common stock of VB Company for \\( \\$ 100 \\) 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 \\( \\$ 350 \\) million and a book value of \\( \\$ 220 \\) million. Of the \\( \\$ 130 \\) million difference, \\( \\$ 20 \\) 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 \\( \\$ 30 \\) 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 \\$32 million and declared and paid cash dividends of \\$24 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2024 , 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