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What amount would l record it investment

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Question - On January 1, 2015 K inc and L inc formed a joint venture called KL INC. K invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for 30% interest in the venture. The plant and equipment were estimated to provide 5 years of utility to KL.

L contributed assets with a fair value of $2,000,000 including $200,000 in cash for a 70% stake in KL.

KL reposted a net income of $3,000,000 for 2015.

What amount would L record it's investment in KL on January 1?

Reference no: EM132048211

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