Raby Ltd and Bay Ltd are companies that have newly discovered oil wells in a MiddleEastern country. There is some distance to the nearest port and, rather than build separate pipelines, they have agreed to jointly build a pipeline to the port and share the use of the pipeline for transporting oil. The management of the pipeline is conducted in accordance with an agreement between Raby Ltd and Bay Ltd which requires unanimous agreement in relation to such issues as maintenance and future expansion or contraction of the pipeline. Kalgoorlie Ltd also has oil wells in the area and has agreed to use any excess capacity of the pipeline.

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Discuss how you would account for the pipeline.