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On January 1, 2020, Pineapple Corporation and Papaya Ltd. agreed to purchase a pipeline together, and signed a contract to operate the pipeline together as a joint operation. The pipeline cost $36,000,000 in total, with Pineapple contributing 55% of the capital, and Papaya paying the remainder. The joint operation agreement specified that revenues and expenses were to be split between the two parent companies based on the proportion of capital invested. The two partners hired a management company (Squeeze Corporation) to operate the pipeline on their behalf. The pipeline was estimated to have a remaining useful life of 25 years. During 2020, the pipeline generated total revenue of $8,000,000, which was paid out in cash to each of Pineapple and Papaya. At the end of 2020, Squeeze charged a management fee of $3,000,000 for operating the pipeline.
REQUIRED:
Problem 1: Prepare all the journal entries required to record the joint operation on the books of Pineapple Corporation.
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