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John Inc and Victor Inc. formed a joint venture on January 1, 2020. John invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for a 30% interest in the venture which was to be called Jinxtor Ltd.
Problem a. At what amount would John record its initial investment in Jinxtor? What is John's portion of any unrealized gain or loss arising from the transfer of John's assets to Jinxtor on January 1, 2020?
Problem b. What would be the recognizable gain on January 1, 2020 arising from John's investment in Jinxtor?
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