The following is an excerpt from the 2018 Form 10-K of Walgreens Boots Alliance, Inc. (Walgreens). It provides summary income statement data about the companies in which Walgreens has an equity method investment, as well as showing the amount of equity method income recognized by Walgreens.

Suppose that when determining the amount of equity method income to recognize in the year ended August 31, 2018 (fiscal 2018), Walgreens determined that $60 million of excess cost should be amortized in that year.

Required:

Estimate the percentage ownership Walgreens has in its equity method investments.

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Year ended August 31, Information from statements of earnings of equity method investees (in millions) 2018 2017 2016 Sales Gross profit Net earnings Earnings recognized by Walgreens Boots Alliance $179,887 6,875 1,315 $164,844 5,958 1,040 $55,153 2,672 534 from equity method investments 245 143 81