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How much is the share in profit of the joint venture

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Question - On January 2, 2020, JSM Co. entered into a joint arrangement classified as joint venture. For an investment of P500,000, JSM Co. obtained 40% interest in Joint Venture, Inc. During the year, Joint Venture Inc. reported profit of P1,000,000 and other comprehensive income of P500,000, for a total comprehensive income of P1,500,000. Joint Venture, Inc. declared dividends of P600,000 during the year. How much is the share in profit of the joint venture?

Reference no: EM132953021

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