Does anyone know how to answer BOTH parts to this question. Thanks a lot

value: 10.00 points On January 4, 2016, Rumyan Bakery paid $358 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 received dividends of $3.50 per share on December 15, 2016, and Lavery reported net income of $320 million for the year ended December 31, 2016. The market value of Lavery's common stock at December 31, 2016, was $34 per share. On the purchase date, the book value of Lavery's net assets was $970 milion and a The fair value of Lavery's depreciable assets, with an average remaining useful life of b. The remainder of the excess of the cost of the investment over the book value of net seven years, exceeded their book value by $70 million assets purchased was attrbutable to goodwill. Required: 1. Prepare all appropriate journal entries related to the investment during 2016, assuming Theremander the book value of net Rumyan accounts for this investment by the equity method. (If no entry is required for a transactionlevent, select "No journal entry required in the first account field Enter your answers in millions. (Le., 10,000,000 should be entered as 10) view transaction list view general journal Journal Entry Worksheet 03038 Record the purchase of Lavery Labeling stock for $358 million. "Enter debits before credits one 2. Prepare the journal entries required by Runyer r assuming Phat the 10 milion shares ",% interest inthe net assesofLewy rarer than a nematjwno entered as 1011 should b Journal Entry Worksheet Record the purchase of Levery Labeling stock for $35s miltion