On January 1, 2021, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $330 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 $800 million. Its book value was $600 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 $220 million. During 2021, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 10 years. Required:1. Prepare all appropriate journal entries related to the investment during 2021, assuming Cameron accounts for this investment by the equity method. (Record the investment in Lake Construction shares, Record the investor's share of net income, Record the cash dividends, Record the adjustment for depreciation)2. Determine the amounts to be reported by Cameron. a. Investment in Cameron’s 2021 balance sheetb. Investment revenue in the income statementc. Investing activities in the statement of cash flows