On January 1, 2024. Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction...

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On January 1, 2024. Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction Company for $380 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock. Lake's net assets had a fair value of $900 million. Its book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2024, was $190 million. During 2024, Lake declared and paid cash dividends of $25 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method 2. Determine the amounts to be reported by Cameron Complete this question by entering your answers in the tabs below. Calculation Mequired 11 Required 2 Complete the table below. Note: Enter your answers in millions, (1, 10,000,000 should be entered as 10) (in millions) Cost MC Fair Value Lake Construction's assets Book Value Lake Construction's assets Investee Net Assets Ownership Interest Net Assets Purchased Difference Attributable to 5 300 the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 Complete the table below.. Note: Enter your answers in millions, (i.e, 10,000,000 should be entered as 10). Investee Net Assets Ownership Interest (Si millions) ences Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Depreciation adjustment Investment revenue Net Assets Purchased Difference $ 380 X %= %= Years Adjustment Required 1 > Attributable to: millions, (i.e., 10,000,000 should be entered as 10). View transaction list A Record the investment in Lake Construction shares. 2 Record the investor's share of net income. 3 Record the cash dividends. 4 Record the adjustment for depreciation. journal entry has been entered Note: Record entry Credit Clear entry View general Journal meron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this inves equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter you millions, (.e., 10,000,000 should be entered as 10). ences View transaction list Journal entry worksheet < 1 2 3 4 Record the investor's share of net income, Note: Entor debats before credits Transaction General Journal Debit Credit Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during equity method. Note: If no entry is required for a transaction/event, select "No journal e millions, (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the cash dividends. Note: Enter debits before credits. Transaction 3 E General Journal Debit Prev Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 20 equity method. Note: If no entry is required for a transaction/event, select "No journal en millions, (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the adjustment for depreciation. Nate: Enter debits before credits. Transaction General Journal Debit 1. Complete the table below and prepare all appropriate journal entries related to accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 rences Determine the amounts to be reported by Cameron. Note: Amounts to be deducted, including losses and cash outflows, should be indicated with. in millions, (i.e., 10,000,000 should be entered as 10). a. Investment in Cameron's 2024 balance sheet b. Net investment revenue in the income statement c. Investing activities in the statement of cash flows ($ in millions) < Required 1 Required 2 On January 1, 2024. Cameron Incorporated bought 20% of the outstanding common stock of Lake Construction Company for $380 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock. Lake's net assets had a fair value of $900 million. Its book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2024, was $190 million. During 2024, Lake declared and paid cash dividends of $25 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method 2. Determine the amounts to be reported by Cameron Complete this question by entering your answers in the tabs below. Calculation Mequired 11 Required 2 Complete the table below. Note: Enter your answers in millions, (1, 10,000,000 should be entered as 10) (in millions) Cost MC Fair Value Lake Construction's assets Book Value Lake Construction's assets Investee Net Assets Ownership Interest Net Assets Purchased Difference Attributable to 5 300 the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 Complete the table below.. Note: Enter your answers in millions, (i.e, 10,000,000 should be entered as 10). Investee Net Assets Ownership Interest (Si millions) ences Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Depreciation adjustment Investment revenue Net Assets Purchased Difference $ 380 X %= %= Years Adjustment Required 1 > Attributable to: millions, (i.e., 10,000,000 should be entered as 10). View transaction list A Record the investment in Lake Construction shares. 2 Record the investor's share of net income. 3 Record the cash dividends. 4 Record the adjustment for depreciation. journal entry has been entered Note: Record entry Credit Clear entry View general Journal meron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this inves equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter you millions, (.e., 10,000,000 should be entered as 10). ences View transaction list Journal entry worksheet < 1 2 3 4 Record the investor's share of net income, Note: Entor debats before credits Transaction General Journal Debit Credit Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during equity method. Note: If no entry is required for a transaction/event, select "No journal e millions, (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the cash dividends. Note: Enter debits before credits. Transaction 3 E General Journal Debit Prev Calculation Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 20 equity method. Note: If no entry is required for a transaction/event, select "No journal en millions, (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the adjustment for depreciation. Nate: Enter debits before credits. Transaction General Journal Debit 1. Complete the table below and prepare all appropriate journal entries related to accounts for this investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Calculation Required 1 Required 2 rences Determine the amounts to be reported by Cameron. Note: Amounts to be deducted, including losses and cash outflows, should be indicated with. in millions, (i.e., 10,000,000 should be entered as 10). a. Investment in Cameron's 2024 balance sheet b. Net investment revenue in the income statement c. Investing activities in the statement of cash flows ($ in millions) < Required 1 Required 2