Save & Ext 11 Check my w Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Miling, Inc., on January 2, 2021, for $460 million. At the date of purchase, the book value of Vancouver's net assets was $805 millon. The book values and falir values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $5 million for the inventory and by $30 million for the plant facilities. Book The estimated useful life of the plant facilities is 15 years. All inventory acquired was sold during 2021. Print Vancouver reported net income of $200 million for the year ended December 31, 2021. Vencouver paid a cash dividend of $20 millon. Required: 1. Prepare all appropriate journal entries related to the investment during 2021. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2021? 3. What amount should Northwest report in its balance sheet as its investment in Vancouver? 4. What should Northwest report in its statement of cash flows regarding its investment in Vancouver? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2021 and in its balance sheet as its investment in Vancouver? (Enter your answers in millions rounded to 1 decmal place, (Le., 5,500,000 should be entered as 5.5).) million millon 2. Income statement amount 3. Balance sheet amount