Reference no: EM132892360
Vicky and Val formed Jayme Corporation through a joint venture agreement. Vicky contributed land and Val contributed P300,000 and a condominium office unit. The land Vicky contributed was purchased in year 2000 for P 500,000. The current fair market value of the land is P 1,500,000. The condominium unit contributed by Val was purchased in 2005 for P1,000,000 and carrying value of P800,000. Its current market value is P 1,200,000. (remaining life of 10 years) Jayme Corporation reported net income of P 200,000 and P600,000 in years 1 and 2. Dividends, shared equally by Val and Vicky, amounted to P 100,000 each year. The land contributed by Vicky was sold in year 2 for P1,700,000.
Required:
Problem (1) Give all necessary journal entries in the books of Vicky and Val.
Problem (2) Determine the amount of "Share from Jayme's Net Income" to be reported in the 2014 and 2015 income statement of Vicky and Val Company, respectively.
Problem (3) Determine the carrying value of "Investment in Jayme Company" to be reported in the 2014 and 2015 balance sheet of Vicky and Val Company, respectively.
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