On January 1, 2013, Cameron Inc. bought 20% of the outstanding
common stock of Lake Construction Company for $260 million cash. At
the date of acquisition of the stock, Lake's net assets had a fair
value of $900 million. Their book value was $850 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. LakeAc??cs net income for the year ended December 31,
2013, was $130 million. During 2013, Lake declared and paid cash
dividends of $10 million. The buildings have a remaining life of 5
Complete the table below and prepare all appropriate journal
entries related to the investment during 2013, assuming Cameron
accounts for this investment by the equity method. (If no
entry is required for a particular 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).)
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