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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 Milling, Incorporated on January 2,2024. for $430 million. At the date of purchase, the book value of Voncouver's net assets was $790 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $10 million for the inventory and by $15 mittion for the plant facitities. The estimated useful life of the plant facilities is 12 years. All inventory acquired was sold during 2024. Vancouver reported net income of $170 miltion for the year ended December 31,2024 , Vancouver pald a cash dividend of $40 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2024 . 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31,2024 ? 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. Prepare all appropriate journal entries related to the investment during 2024. Prepare ait appropriate journai entries related to the investment duning 2024 , Note: If no entry is required for a transaction/event, select "No joumol entry required" in the first account field. Enter your answers in milions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry work? heet 3 4 5 Record the entry related to the purchase. Note: Enter debits before credits. Journal entry worksheet Record the entry related to the net income. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 1 5 Note: Enter debits berore creats. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter y millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 1 5 Record the entry related to the inventory adjustment. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your an millions rounded to 1 decimal place, (f.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 1 Record the entry related to the depreciation adjustment. Note: Enter debits before credits. 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, Incorporated on January 2,2024 . for $430 million. At the date of purchase, the book value of Vancouver's net assets was $790 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $10 million for the inventory and by $15 million for the plant facilities. The estimated useful life of the plant facilities is 12 years. All inventory acquired was sold during 2024. Vancouver reported net income of $170 million for the year ended December 31,2024 , Vancouver paid a cash dividend of $40 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2024. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31,2024 ? 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. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31 , 2024 ? Note: Enter your answer in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). 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 Milling. Incorporated on January 2, 2024. for $430 million. At the date of purchase, the book value of Vancouver's net assets was $790 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $10 million for the inventory and by $15 million for the plant facilities. The estimated useful life of the plant facilities is 12 years. All inventory acquired was sold during 2024. Vancouver reported net income of $170 million for the year ended December 31, 2024. Vancouver paid a cash dividend of $40 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2024. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2024? 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. What amount should Northwest report in its balance sheet as its investment in Vancouver? Note: Enter your answer in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). 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 Milling, Incorporated on January 2, 2024, for $430 million. At the date of purchase, the book value of Vancouver's net assets was $790 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $10 million for the inventory and by $15 million for the plant facilities. The estimated useful life of the plant facilities is 12 years. All inventory acquired was sold during 2024. Vancouver reported net income of $170 million for the year ended December 31, 2024. Vancouver paid a cash dividend of $40 million. Required: , 1. Prepare all oppropriate journal entries related to the investment during 2024. 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2024? 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. What should Northwest report in its statement of cash flows regarding its investment in Vancouver? Note: Enter all amounts as positive values, Enter your answers in millions (i.e, 10,000,000 should be entered as 10)