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Question - X Ltd, Y Ltd, and Z Ltd enter into a contractual agreement on 1 July 2017 to form a joint operation (JO). The joint operation agreement states that X Ltd, Y Ltd, and Z Ltd will share output, contributions and cost in the ratio of 50:30:20 and that X Ltd, Y Ltd, and Z Ltd hold the joint operation assets as tenants in common. The initial contribution by the joint operators on 1 July 2017 and the management financial statement of the joint operation for the year ended 30 June 2018 are presented as follows:
Initial contribution to the Joint Operation
Joint operator
Asset contributed
Fair value
X Ltd
Equipment
$50,000
Y Ltd
Cash
$24,000
Patent
$6,000
Z Ltd
Land
$20,000
The equipment contributed by X Ltd was recorded in its book at a cost of $90,000 and accumulated depreciation of $20,000. The Patent contributed by Y Ltd was recorded in its books at its cost of $8,000 and accumulated amortisation of $3,000. The land contributed by Z Ltd was purchased at the cost of $10,000 on 1 January 2011.
Required - How much should X Ltd record in its 'Interest in JO' account on 1 July 2017?
A) 70,000
B) 60,000
C) None of the others
D) 50,000
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