what are the correct journal entries for this problem? i am having a very hard time journalizing these. when it says put numbers in millions does that mean portray 420 million as 1. 420 or 2. 420000000?

On January 1, 2018, Deer Motors paid $420 million for a 45% investment in Bionic Motors. Bionic eamed net income of $60 million and declared and paid cash dividends of $60 million during 2018 Read the requirements 1. What method should Deer Motors use to account for the investment in Bionic? Give your reason is appropriate because Deer Motors holds a 45% investment in Bionic and therefore, may have over Bionic 2. Journalize these three transactions on the books of Deer Motors. Show all amounts in millions of dollars (rounded to the closest million), and include an expla for each entry. (Enter amounts in millions as provided to you in the problem statement. Round answers to the closest million Record debits first, then credits. Se the explanation on the last line of the journal entry table) Begin with the purchase of the investment in Bionic, Journal Entry Accounts and Explanations Date Debit Credit Jan Next, record the net income oamed Journal Entry Accounts and explanations Date Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question T13 WU. U IS DOSsibl On January 1, 2018. Deer Motors paid $420 million for a 45% investment in Bionic Motors Bionic earned net income of $60 million and declared and paid cash dividends of $60 million during 2018 Read the requirements Next, record the net income earned Date Journal Entry Accounts and Explanations Debit Credit 2018 Now record the cash dividends received. Journal Entry Accounts and Explanations Date Debit Credit 2018 Choose from any list or enter any number in the input fields and then continue to the next question 3. Post to the Equity-Method Investment T-account. What is its balance after all the transactions are posted? (Enter amounts in milions as provided to you in the problem statement) Equity.Method Investment Choose from any list or enter any number in the input fields and then continue to the next question OH @ 9