On January $4,2024,$ Runyan Bakery paid $$354$ million for $10$ million shares of Lavery Labeling Company common stock. The investment represents a $30\%$ interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan received dividends of $$2\mathrm{.}30$ per share on December $15,2024,$ and Lavery reported net income of $$300$ million for the year ended December $31,2024.$ The market value of Lavery's common stock at December $31,2024,$ was $$35$ per share. On the purchase date, the book value of Lavery's identifiable net assets was $$950$ million and:

The fair value of Lavery's depreciable assets, with an average remaining useful life of nine years, exceeded their book value by $$60$ million.

The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

Required:

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

Prepare the journal entries required by Runyan, assuming that the $10$ million shares represent a $10\%$ interest in the net assets of Lavery rather than a $30\%$ interest.

Record the purchase of Lavery Labeling stock for $$354$ million

Record Runyan Bakery's share of Lavery's $$300$ million net income.

Record the receipt of cash dividends of $$2\mathrm{.}3$ per share on $10$ million shares.

Record any necessary adjusting entry to correctly report the investment on the balance sheet. The market value of Lavery's common stock at December $31,2024$ was $$35$ per share.