Reference no: EM132678118
A Co. owns 20% interest of the B Joint Venture, Inc. and uses the equity method to account for its interest in the Joint Venture. A Co. has joint control over the B Joint Venture, Inc. On January 1, 2017, B Joint Venture sold a land with a carrying amount of 1,000,000 to A Co for 1,080,000. Gain of 80,000 was recorded by B Joint Venture.
Requirements:
Problem a. How much is the adjusted share in profit of the B Joint Venture if B reports a profit of 4,000,000?
Problem b. How much is the adjusted share in the profit of the joint venture in 2018 if the B Joint Venture reports profits of 4,800,000?
a. 976,000
b. 960,000
c. 962,000
d. 1,020,000
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