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How much is the investment account in joint venture

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Problem 1: On January 1, 2015, Eleemosynary Company entered into a joint arrangement classified as a joint venture. For an investment of P2,000,000, Eleemosynary Company obtained a 30% interest in Monastery Joint Venture, Inc. During the year, Monastery Joint Venture, Inc. reported profit of P4,000,000 and other comprehensive income of P800,000, for a total comprehensive income of P4,800,000. Monastery Joint Venture, Inc. declared dividends of P2,400,000 during the year. How much is the investment account in Joint venture on December 31?

Reference no: EM132697882

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