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Equity Method Accounting. First Year George Corporation acquired all of the stock ofJohnson Corporation onJanuary 2, 2019. The book value of the net assets ofJohnson on that date was $150 million and the fair values ofjohnson's identiable net assets equaled the book values, except for previously unreported developed technology valued at $50 million. The fair market value ofthe shares issued by George Corporation was $800 million. The developed technology is straightline amortized over 5 years. For the year ended December 31, 2019,]ohnson reported net income of $85 million and declared and paid dividends of $20 million. Goodwill impairment for 2019 is $5 million. The developed technology is not impaired. George uses the complete equity method to account for its investment injohnson on its own books. Required a. Calculate 2019 equity in net income ofjohnson, reported on George's books. 35 million b. Prepare journal entries to record George's acquisition ofjohnson and subsequent entries to the investment account for 2019. What is the December 31, 2019, investment balance, reported on George's books? Enter your answers below in millions. Description Debit Credit 0 0 To record acquistion ofjohnson. 0 0 To record equity in net income. 0 0 To record dividends received