Equity Method Investment with Basis Differences On January 2, 2020, Best Beverages acquired 45 percent of the stock of Better Bottlers for $30 million in cash. Best Beverages accounts for its investment using the equity method. At the time of acquisition, Better Bottlers' balance sheet was as follows (in millions): Better Bottlers Balance Sheet January 2, 2020 (in millions) Assets Current assets Property and equipment, net Patents and trademarks Total assets Liabilities and equity Current liabilities Long-term debt Total liabilities Capital stock Retained earnings $20 415 150 $585 $42 518 560 12 13 25 Total equity Total liabilities and equity $585 At the date of acquisition, valuation of Better Bottlers' assets and liabilities revealed that its reported patents and trademarks (10-year life) had a fair value of $160 million and it had unrecognized brand names (15-year life) worth $9 million. Several years later, Better Bottlers' December 31, 2023, retained earnings balance is $25 million. For 2023, it reported net income of $2.5 million and paid $650,000 in dividends. (a) Prepare the 2023 entries to report the above information on Best Beverages' books. Note: Enter answers using all zeros. Do not abbreviate in millions or thousands. Coneral Journal

Equily Method irvestment with sasis Differeaces (a) Prepare the 2023 entries to report the above information on Best Beverages' books. Note; Enter answers using all zeros. Do not abbreviate in millions or thousands (b) Calculate the Investment in Better Bottlers balance, reported on Best Beverages December 31,2023 balance sheet Note: Enter answers using all zeros. Do not abbreviate in milions or thousands