On July 1, 2024, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $122 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 $438 million and a book value of $242 million. Of the $196 million difference, $42 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 $74 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 $54 million and declare and paid cash dividends of $35 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. 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 5.50)