Accounting for Joint Ventures Starbucks Corporation and PepsiCo formed a joint venture to produce and distribute Starbucks' bottled Frappuccino coffee drink throughout North America. Assume that the 50/50 joint venture had a book value on the consolidated balance sheet of Starbucks Corporation of $90 million and $70 million at year-end 2012 and 2011, respectively. Further, assume that on Starbucks' 2012 statement of cash flow, the company disclosed an adjustment to net income for the PepsiCo joint venture as follows: 2012 Equity in income of joint venture $(22,000,000) Calculate the joint venture's total earnings and total cash dividends for 2012. Total 2012 earnings Total 2012 cash dividends$ 0 Check