On January $1,2024.$ Cameron incorporated bought $30\%$ of the outslanding common stock of Lake Construction Company for $$300$ million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock. Lake's net assets had a fair value of $$800$ million. Its book value was $$600$ million. The difference was attributable to the fair value of Lake's buldings and its land exceeding book value, each accounting for one half of the difference. Lake's net income for the year ended December $31,2024,$ was $$210$ million. During $2024.$ Lake declared and paid cash dividends of $$20$ million. The bulldings have a remaining life of $5$ years.

Required:

Complete the lable below and prepare all appropriate journal entries related to the investment during $2024,$ assuming Cameron accounts for this investment by the equity method.

Determine the amounts to be reported by Cameron.

Complete this question by entering your answers in the tabs below.

Propare all appropriate journal entries related to the investment during $2024,$ assuming Cameron accounts for this investment by the equity method.

Foty: If no entiry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your ansiwers in mitiens, $($i$.$e$.10,020,000$ should be entered as $10).$

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