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Journal entry worksheet Record the receipt of cash dividends of $2.4 per share on 10 million shares. Note: Enter debits before credits. Record Runyan Bakery's share of Lavery's $310 million net income. Note: Enter debits before credits. Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December 31, 2024 was $35 per share. Note: Enter debits before credits. On January 4, 2024, Runyan Bakery paid $356 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Laverys operations. Runyan received dividends of $2.40 per share on December 15, 2024, and Lavery reported net income of $310 million for the year ended December 31,2024 . The market value of Lavery's common stock at December 31,2024 , was $35 per share. On the purchase date, the book value of Lavery's identifiable net assets was $960 million and a. The fair value of Lavery's depreciable assets, with an average remaining useful life of four years, exceeded their book value by $80 milion b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill Required: 1. Prepare all approprlate journal entries related to the imvestment curing 2024 , assuming Runyan accounts for this investment by the equity method. 2. Prepare the joumal entries required by Runyan, assuming that the 10 milion shares represent a 10% interest in the net assets of Lavery rather than a 30% interest