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On July $1,2024,$ Gupta Corporation bought $25\%$ of the outstanding common stock of VB Company for $$116$ million cash, giving Gupta the ability to exercise significant influence over VB$\text{'}$s operations. At the date of acquisition of the stock, VB$\text{'}$s net assets had a total fair value of $$414$ million and a book value of $$236$ million. Of the $$178$ million difference, $$36$ million was attributable to the appreciated value of inventory that was sold during the last half of $2024,$$$80$ million was attributable to buildings that had a remaining depreciable life of $10$ years, and $$62$ million related to equipment that had a remaining depreciable life of five years. Between July $1,2024,$ and December $31,2024,$ VB earned net income of $$48$ million and declared and paid cash dividends of $$32$ million.

Required:

Prepare all appropriate journal entries related to the investment during $2024,$ assuming Gupta accounts for this investment by the equity method.

Determine the amounts to be reported by Gupta.

Required $1$

Prepare all appropriate journal entries related to the investment during $2024,$ assuming Gupta accounts for this investment by the equity method.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to $2$ decimal places $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}50).$

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$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Investment in equity affiliate,$,116\mathrm{.}00vv,],[,$Cash,$,,116\mathrm{.}00$

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