Account for a joint venture between Exxon Mobil Corporation and Chevron Corporation for the exploration and production of oil reserves. Exxon Mobil holds a 60% interest in the joint venture, while Chevron holds the remaining 40%. The joint venture incurred total operating expenses of $50 million and generated revenue of $100 million. Allocate the operating expenses and revenue to each joint venture partner and prepare the journal entries to record their respective shares of the joint venture activities.

Joint Venture Income Statement	Exxon Mobil ($)	Chevron ($)
Revenue
Operating Expenses
Net Income