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On January 4, 2024, Runyan Bakery paid $342 million for 10 milion shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan recelved dividends of $3.5 per share on December 15, 2024, and Lavery reported net income of $240 milion for the year ended December 31,2024 . The market value of Lavery's common stock at December 31,2024 , was $31 per share. On the purchase date, the book value of Lavery's identifiable net assets was $890 million and: 4 a. The fair value of Lavery's depreciable assets, with an average remaining useful life of five years, exceeded their book value by $100 mullion. b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwil. Required: 1-a. Prepare all appropriate journal entries related to the investment during 2024 , assuming Runyan accounts for this investment under the fair value option, and accounts for the Lavery investment in a manner similar to what it would use for securities for which there is not significant influence. 1.b. Calculate the effect of these joumal entries on 2024 net income, and the amount at which the investment is carried in the December 31, 202, , batance sheet 2*a. Prepare all approprate journal entries related to the investment during 2024, assuming Runyan accounts for this Investment under the fair value option, but uses equity method accounting to account for Lavery's income and divideids, and then records a faif value adjustment at the end of the year that allows it to comply with GAAP. 2-b. Calculate the effect of these journal entries on 2024 net income, and the amount at which the investment is carried in the December 31,2024, balance sheet (Note: You should end up with the same total 2024 income effect and same carrying value on the. batance sheet for tequirements 1 and 2 ) Record the purchase of Lavery Labeling stock for $342 million. Note: Enter debits before credits. Calculate the effect of these journal entries on 2024 net income, and the amount at which the investment is carried in the December 31, 2024, balance sheet. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet 5 Record the purchase of Lavery Labeling stock for $342 million. Note: Enter debits before credits. Calculate the effect of these journal entries on 2024 net income, and the amount at which the investment is carried in the December 31, 2024, balance sheet. (Note: You should end up with the same total 2024 income effect and same carrying value on the balance sheet for requirements 1 and 2. ) Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10)