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(Solution Download) On January 1, 2013, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Com


 

 

 

 

 

 

 

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

 

years.

 

 


 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

1.

 

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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