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Question - On 1 July 2020, Canberra Ltd enters into a joint operation with New South Wales Ltd to form an unincorporated entity to produce a new type of building product. All the current and future contributions are to be based on a 50:50 split, as are the future distributions of outputs.
Canberra Ltd's initial contribution consists of $4,000,000 cash and New South Wales Ltd contributes machinery that is recorded at $3,800,?000. The fair value of machinery is $4,000,000. During the first year of operation both parties contributed a further $6,?000,?000 cash.
Required - Provide the journal entries in the book of Canberra Ltd and in the book of New South Wales Ltd to account for the joint operators' contributions to the joint operation.
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