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What is the share in net loss or investment loss

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Reference no: EM133022002

Problem - On January 1, 2020, Storm Inc. invested P2M cash in a joint venture for 50% interest. For the years ended December 31, 2020, 2021 and 2022, the joint venture reported the following net incomes/(losses) and dividend distributions:

Year

Net Income/(Net Loss)

Dividend Distribution

2020

P1,000,000

P300,000

2021

(P6,000,000)

-

2022

P4,000,000

P800,000

Required -

1. What is the share in net loss or investment loss to be reported by Storm Inc. for the year ended December 31, 2021?

2. What is the book value of Investment in Joint Venture to be reported by Storm Inc. as of December 31, 2022?

Reference no: EM133022002

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