Answer Happy

Check my work On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $260 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 $240 million. During 2021, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 10 years. Required: 1. Complete the table below and prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this Investment by the equity method. 2. Determine the amounts to be reported by Cameron. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Complete the table below. (Enter your answers in millions, (.e., 10,000,000 should be entered as 10)). (5 in millions) Investee Net Assets Ownership Interest Net Assets Purchased Attributable t Difference 260 Cost Fair Value Lake Construction's assets Book Value Lake Construction's assets Years Depreciation adjustment: Investment revenue % Adjustment
7 1.11 points eBook Hint Print References Check my work The Investments of Harlon Enterprises Included the following cost and fair value amounts ($ in millions): Fair Value, Dec. 31 Cost 2821 2022 $34 $ 21 N/A Equity Investments A Corporation shares B Corporation shares C Corporation shares D Industries shares 49 49 $ 51 22 N/A 21 52 53 57 Totals $157 $123 $129 Harlon accounts for its equity Investment portfollo at fair value through net income. Harlon sold its holdings of A Corporation shares on June 1, 2022, for $22 million. On September 12, it purchased the C Corporation shares. Required: 1. What is the effect of the sale of the A Corporation shares and the purchase of the C Corporation shares on Harlon's 2022 pretax earnings? 2. At what amount should Harlon's securities equity Investment portfollo be reported in its 2022 balance sheet? (For all requirements, enter your answers in millions, (.e., 10,000,000 should be entered as 10).) million million 2. Amount