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On January 4, 2021, Runyan Bakery paid $350 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 Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $4 per share on December 15, 2021, and Lavery reported net income of $280 million for the year ended December 31, 2021. The market value of Lavery's common stock at December 31,2021 , was $33 per share. On the purchase date, the book value of Lavery's identifiable net assets was $930 million and a. The fair value of Lavery's depreciable assets, with an average remaining useful life of six years, exceeded their book value by $60 million. 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-a. Prepare all appropriate joumal entries related to the investment during 2021, assuming Runyan accounts for this investment under the fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is not significant influence. 1.b. Calculate the effect of these journal entries on 2021 net income, and the amount at which the investment is carried in the December 31,2021 , balance sheet 2-0. Prepare all approprlate journal entries related to the investment during 2021, assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP 2.b. Calculate the effect of these journal entries on 2021 net income, and the amount at which the investment is carried in the December 31, 2021, balance sheet. (Note: You should end up with the same total 2021 income effect and same carrying value on the balance sheet for requirements 1 and 2 ) Prepare all appropriate joumal entries related to the investment during 2021 , assuming Runyan accounts for this investment under th fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is not significant influence. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Record the purchase of Lavery Labeling stock for $350 million: Hote Enter debits before credit: Prepare all appropriate journal entries related to the investment during 2021 , assuming Runyan accounts for this investment fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which then significant influence. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field your answers in millions (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Record Runyan Bakery's share of Lavery's $280 million net income. Notet Enter debits before credits. Prepare all appropriate joumal entries related to the investment during 2021, assuming Runyan accounts for this investment under the fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is not significant influence. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Record the receipt of cash dividends of 53.5 per share on 10 militioh shares. Notet Enter debits belore credits Prepare all approgriate joumal entries related to the investment during 2021 , assuming Runyan accounts for this itivestment under the fair value option, and accounts for the lavery irvestment in a manner ilmalar to what it would use for securities for which there is not signiffeant influence, (If no entry is required for a transaction/event, select "Wa journat entry required" in the fint account field. Enter your answers in millipns (1.0,10,000,000 should be entered as 10)i) Journal entry worksheet thhow lest is 10,000,000 should be entered as 10).) Prepare all appropriate joumal entries related to the investment during 2021 , assuming Runyan accounts for this investment under the tair value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. (If no entry Is required for a transaction/event, select "No jourral entry required" in the first account field. Enter your answers in millions (1.e4,10,000,000 should be entered as 10).) Show lessis Journal entry worksheet Record the purchase of Lavery Labeling stock for 5350 million. Notel Enter debits befare creditt. Prepare all appropriate journal entries related to the investment during 2021 , assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Lavery's income and dlvidends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. (If no entry is required for a transaction/event, select "No joumal entry required" in the fint account fleld. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).). Show lessa Journal entry worksheet Record Runyan Bakery's share of Layery's 5280 milion net income. Wetel titeridebits before credits. repare ail appropriate journal entries related to the investment during 2021 , assuming Runyan accounts for this investment under the air value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAMP. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field, Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show lessa Journal entry worksheet Prepare all appropriate journal entries related to the investment during 2021 , assuming Runyan accounts for this investment under the fair value option, but uses equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show lessa Journal entry worksheet Record any necessary entry related to depreciation. The fair value of Lavery's depreciable assets, with an average remaining useful life of six years, exceeded their book value by $60 million. Wotes fnter debits before credits. Prepare all appropriate joumal entries related to the investment during 2021 , assuming Runyan accounts for this investment under the fair value option, but user equity method accounting to account for Lavery's income and dividends, and then records a fair value adjustment at the end of the year that allows it to comply with GAAP. (tr no entry is required for a transaction/event, solect "No joumal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).). Journal entry worksheet Show lessa 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 , 2021 was $33 per share. Note- Enter debits before vedits. Complete this question by entering your answers in the tabs below. Calculate the effect of these journal entries on 2021 net income, and the amount at which the investment is carried in the December 31, 2021, balance sheet. (Note: You should end up with the same total 2021 income effect and same carrying value on the balance sheet for requirements 1 and 2.) (Enter your answers in millions (i.e., 10,000,000 should be entered as