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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?
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