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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 $900 million. Its 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. Lake's net income for the year ended December 31, 2021, was $130 million. During 2021, Lake declared and paid cash dividends of $10 million. The buildings have a remaining life of 5 years.
Problem 1: Prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method.
Problem 2: Determine the amounts to be reported by Cameron.
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