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TIGER and LION formed a joint venture called JAGUAR on March 1 2020. Presented below are some relevant details on the establishment of this Joint Venture:
Required:
Problem a) What is TIGERs realized gain that can be recognized arising from the transfer of TIGER's assets to JAGUAR?
Problem b) What is the amount of the amortization of the unrealized gain for 2020 arising from the transfer of TIGER's assets?
Problem c) What is LION's share of net income earned by JAGUAR?
Problem d) What is the value of the "Investment in JAGUAR" account on the books of TIGER at the end of 2020?
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