E question one.pdf e question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 1 of 4 Q Q + ID Page view | A Read aloud Draw V Highlight Erase 3 On January 4, 2021 Runyan Bocery peld $324 million for 10 milion shares of Lovery 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 operations Ruryan chase the fair value option to account for this investment Runyan received licence of $200 per share on December 15, 2021, and Lavery reported net income of $160 milion for the year ended December 31, 2021 The market value of Lavery's common stock at December 31, 2021, was $31 per share. On the purchase date, the book value of Lavery's identifiable net assets was $800 million and a. The fair value of Lovery's depreciable assets, with an average remaining useful life of six years, exceeded their book value by Sao million b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to gocchwil Required Assuming Runyan accounts for this investment under the fair value option, prepare al appropriate joumal entries in a manner similar to accounting for securities for which there is not significant influence (if no entry is required for a transaction/event, select "No journal ham entry required in the first account field. Enter your answers in millions fi .. 10,000,000 should be entered as 10) Journal entry worksheet Record the purchase of Lavery Labeling stock for $324 million. Note: Enter debits before credits. . Transaction General Journal Debit Credit 8:27 PM H: Type here to search w 63F I! DENG 10/20/2021 5 E question one.pdf question one.pdf X File C:/Users/juand/Documents/question%20one.pdf Not syncing 1 of 4 Q ID Page view | A Read aloud | Draw Highlight Erase Journal entry worksheet Record the purchase of Lavery Labeling stock for $324 million. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 2 of 4 Q Q + | Page view | A Read aloud | Draw Highlight Erasel 3 Journal entry worksheet Record Runyan Bakery's share of Lavery's $160 million net income. Note: Enter debits before credits General Journal Debit Transaction 2 2 Credit Record entry Clear entry View general journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one pdf File C:/Users/juand/Documents/question%20one.pdf Not syncing 3 of 4 Q + + IL Page view | A Read aloud | Draw Highlight Erase Journal entry worksheet Record the receipt of cash dividends of $2.00 per share on 10 million shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general Journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 4 of 4 0 + + IL Page view | A Read aloud | Draw Highlight Erase 3 Journal entry worksheet Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December 31, 2021 was $31 per share. Note: Enter debits before credits. . Transaction General Journal Debit Credit 4 Record entry Clear entry View general journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 E question one.pdf e question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 1 of 4 Q Q + ID Page view | A Read aloud Draw V Highlight Erase 3 On January 4, 2021 Runyan Bocery peld $324 million for 10 milion shares of Lovery 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 operations Ruryan chase the fair value option to account for this investment Runyan received licence of $200 per share on December 15, 2021, and Lavery reported net income of $160 milion for the year ended December 31, 2021 The market value of Lavery's common stock at December 31, 2021, was $31 per share. On the purchase date, the book value of Lavery's identifiable net assets was $800 million and a. The fair value of Lovery's depreciable assets, with an average remaining useful life of six years, exceeded their book value by Sao million b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to gocchwil Required Assuming Runyan accounts for this investment under the fair value option, prepare al appropriate joumal entries in a manner similar to accounting for securities for which there is not significant influence (if no entry is required for a transaction/event, select "No journal ham entry required in the first account field. Enter your answers in millions fi .. 10,000,000 should be entered as 10) Journal entry worksheet Record the purchase of Lavery Labeling stock for $324 million. Note: Enter debits before credits. . Transaction General Journal Debit Credit 8:27 PM H: Type here to search w 63F I! DENG 10/20/2021 5 E question one.pdf question one.pdf X File C:/Users/juand/Documents/question%20one.pdf Not syncing 1 of 4 Q ID Page view | A Read aloud | Draw Highlight Erase Journal entry worksheet Record the purchase of Lavery Labeling stock for $324 million. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 2 of 4 Q Q + | Page view | A Read aloud | Draw Highlight Erasel 3 Journal entry worksheet Record Runyan Bakery's share of Lavery's $160 million net income. Note: Enter debits before credits General Journal Debit Transaction 2 2 Credit Record entry Clear entry View general journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one pdf File C:/Users/juand/Documents/question%20one.pdf Not syncing 3 of 4 Q + + IL Page view | A Read aloud | Draw Highlight Erase Journal entry worksheet Record the receipt of cash dividends of $2.00 per share on 10 million shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general Journal 8:27 PM H: Type here to search 63F DENG 10/20/2021 5 E question one.pdf question one.pdf + 0 File C:/Users/juand/Documents/question%20one.pdf Not syncing HEE 4 of 4 0 + + IL Page view | A Read aloud | Draw Highlight Erase 3 Journal entry worksheet Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December 31, 2021 was $31 per share. Note: Enter debits before credits. . Transaction General Journal Debit Credit 4 Record entry Clear entry View general journal 8:27 PM H: Type here to search 63F DENG 10/20/2021