5 Answer (6). On January 1, 2020, Tree Co. acquired a 70% Interest of Top Co. for $1,400,000. On that date, the book value of Top Cos shareholders' equlty was $1,500,000. Assume Top Co. Is a joint venture. What amount of non-controlling Interest exlsts at January 1, 20207 1 A. $420,000 2 B. $0 13 C. $100,000 14 D. $600,000 45 #6 Answer: 46 (7). Company A and B agree to engage in a joint venture. Which of the following statements pertaining to 47 Joint ventures is correct? A. The party contributing the most resources to the venture has control over the venture. B. Both parties to a joint venture must contribute an equal amount of resources to the venture. 49 50 C. Both parties have joint control over the venture. D. Both parties account for the interest in the joint venture at fair value. 117 Answer: 48 51 52