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Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought $40\%$ of the outstanding common shares of Vancouver Timber and Milling, Incorporated on January $2,2024,$ for $$410$ million.

At the date of purchase, the book value of Vancouver's net assets was $$780$ million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $$10$ million for the inventory and by $$15$ million for the plant facilities.

The estimated useful life of the plant facilities is $15$ years. All inventory acquired was sold during $2024.$

Vancouver reported net income of $$150$ million for the year ended December $31,2024.$ Vancouver paid a cash dividend of $$20$ million.

Required:

Prepare all appropriate journal entries related to the investment during $2024.$

What amount should Northwest report as its income from its investment in Vancouver for the year ended December $31,2024?$

What amount should Northwest report in its balance sheet as its investment in Vancouver?

What should Northwest report in its statement of cash flows regarding its investment in Vancouver?

Complete this question by entering your answers in the tabs below.

Prepare all appropriate journal entries related to the investment during $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions rounded to $1$ decimal place, $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

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$5$

Record the entry related to the purchase.

Note: Enter debits before credits.

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