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Exercise 12-23 (Algo) Equilty method (LO12-6, 12-7] On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $400 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 $700 million. Its book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net Income for the year ended December 31, 2021, was $200 million. During 2021, Lake declared and pald cash dividends of $30 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the Investment during 2021, assuming Cameron accounts for this Investment by the equity method. 2 Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the table below. (Enter your answers in millions, (ie. 10,000,000 should be entered as 10)). (s in millions) Investee Net Assets Ownership Interest Net Assets Purchased merece a Difference Attributable to: S 400 Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Years Adjustment Depreciation adjustment: Investment revenue 11 Required 1 Calculation Required 1 G Required 2 Prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions, i.e., 10,000,000 should be entered as 10).) View transaction lat Journal entry worksheet 2 3 4 Record the investment in Lake Construction shares. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Journal entry worksheet Record the cash dividends. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the adjustment for depreciation. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Required 1 Calculation Required 1 G Required 2 Determine the amounts to be reported by Cameron. (Amounts to be deducted, including losses and cash outflows, should be indicated with a minus sign. Enter your answers in millions (.e. 10,000,000 should be entered as 10).) 1$ in millions) a. Investment in Cameron's 2021 balance sheet . Investment revenue in the income statement Investing activities in the statement of cash flows