10:13 am Tue 13 Apr $10 80% BAP32 A T1 2021 FEX Home Insert Draw Layout Review View D Print Layout E Mobile View E Headings Immersive Reader Ruler E e The author has locked parts of this document. You can make changes only to the unlocked parts. Dismiss Question 6: (15 Marks) Vivo Ltd acquired a 40% interest in Drum Ltd in which it invested $170 000 on 1 July 2018. Vivo Ltd has signed a joint venture agreement with the other investors in Drum Ltd providing joint control to all investors. The share capital, reserves and retained earnings of Drum Ltd at the investment date and at 30 June 2019 were as follows: 1 July 2018 $300 000 Share capital Asset revaluation surplus General reserve Retained earnings 30 June 2019 $300 000 $100 000 $15 000 $109 000 $100 000 At 1 July 2018, all the identifiable assets and liabilities of Drum Ltd were recorded at amounts equal to their fair values. The following is applicable to Drum Ltd for the year to 30 June 2019: (a) Profit (after income tax expense of $11 000): $39 000 (b) Increase in reserves General (transferred from retained earnings): $15 000 Asset revaluation (revaluation of freehold land and buildings at 30 June 2019): $100 000 (c) Dividends paid to shareholders: $15 000. Vivo Ltd does not prepare consolidated financial statements. BAP32 Trimester 1 2021 FEX Page 9 of 11 Required Prepare the journal entries in the records of Vivo Ltd for the year ended 30 June 2019 in relation to its investment in the joint venture, Drum Ltd. Type your answer in following tables: [Answer here] Details Amount