Alcor and Vax Inc, both Canadian private companies, formed a joint venture on $***$January $1,2016$ called Inventure Inc. Alcor and Vax each hold a $50\%$ in the ventureand share equally in any profits or losses arising from the venture.The following statements were prepared on December $31,2016.$Balance Sheets

Alcor Inventure

Current Assets$$40,000$$$20,000$

Investment in $$20,000-$

InventureFixed Assets$$200,000$$$80,000$

Accumulated $($$$80,000)($$$10,000)$

DepreciationOther Assets$$50,000$$$60,000$T

otal Assets$$230,000$$$150,000$

Current Liabilities$$34,000$$$70,000$

Long$-$Term Debt$$20,000$$$30,000$

Common Shares$$90,000$$$40,000$

Retained Earnings, Jan $$56,000-1$

Net Income for the year $$30,000$$$10,000$

Liabilities and Equity$$230,000$$$150,000$

Other Information:During $2016,$ Inventure purchased $$10,000$ from Alcor. Alcor recorded a gross profit of $$2,000$ on these sales.On December $31,2016,$ Inventure's inventories contained half of the merchandise purchased from Alcor. Alcor uses the cost method to account for its Investment in Inventure and has elected to report its investment using proportionate consolidation. An income tax allocation rate of $20\%$ applies