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please give me answers to the following questions? Exercise 12-23 (Algo) Equity method [LO12-6, 12-7] On January 1.2021. Cameron inc bought 20% of the outstanding
please give me answers to the following questions?
Exercise 12-23 (Algo) Equity method [LO12-6, 12-7] On January 1.2021. Cameron inc bought 20% of the outstanding common stock of Lake Construction Campany for $400 mahion chsh. giving Cameron the ablify to evercise significant influence over Lake's operations At the date of acquisition of the stock, Lake's net assets had a folt value of $700 million. he book vahie was $600 milion. The difference was attroutable to the fair value of Lakes buildings and as land exceeding book volue each accounting for one-half of the difference. Lake's net income for the year ended Decertber 31, 2021 was 5200 milion During 2021 , Lave dectared and paid cash dividends of $30 million the boildings have a? remaining ite of 10 years Required: 1. Complede the table velow and prepare all appropntete journa entries related to the iwestment during 202t, assiaming Cameron accounts for tis imestinent ty the equity method 2. Deteimine the antaunts to be feported by Caveron Consplete this aquestion by ontoring yous answers in the tabs below. Detecmine the amsunts to be teported by cameron. (Amounts to be deducted, ncluding lossev and cash. outhows, should be indicated with a erinus sign. Enter yout anwwers in milions, (1.04, 10,000,000 should be entered as 10) ) Step by Step Solution
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