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How much is the carrying amount of the investment

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Question - On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement classified as a joint venture. For an investment of 2,000,000, PATRIMONY Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year, HERITAGE Joint Venture, Inc. reported profit of 4,000,000 and other comprehensive income of 800,000, i.e., a total comprehensive income of 4,800,000. HERITAGE Joint Venture, Inc. declared dividends of 2,400,000. How much is the carrying amount of the investment in joint venture on December 31, 20x1?

Reference no: EM133008404

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