please show all work and explain any general accounting concepts in this problem that might be beneficial for future purposes. thanks!

On July 1,2024, Gupta Corporation bought 25% of the outstanding common stock of v8 Company for $112 million cash, giving Gupta the ablity to exercise significant influence over VB's operations. At the date of acquisition of the stock, ve's net assets had a total fair value of $398 million and a book value of $232 miltion, Of the $166 million difference, $32 mitilion was attributable to the appreciated value of irventory that was sold during the last half of 2024,$80 million was attributable to buldings that had a remaining depreciable life of 10 years, and $54 million related to equipment that had a remaining depreciable life of flve years, Between July 1 , 2024 , and Decomber 31, 2024, vB earned net income of $42 million and declared and pald cash dividends of $30 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. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2024, assuming Gupta accounts for this investment by the equity method. Note: 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 ). value of inventory that was sold during the last half of 2024,580 million was attributable to bulidings that had a remaining depreciable life of 10 years, and $54 milition related to equipment that had a remaining depreciable life of tive years. Between July 1, 2024, and December 31, 2024, vB earned net income of $42 million and dectared and paid cash dividends of $30 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2024, a5suming Gupta accounts for this investment by the equity method. 2. Determine the amounts to be reported by Gupta. Answer is complete but not entirely correct. 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 caleulations. Enter pour anwwers in millions rounded to 2 decimal places (1.e, 5,500,000 should be entered as 5.50 )