Assume that A Company and B Company each invested $(your student Number) for a 50% interest in an unincorporated joint venture on January 2, 2020. AB achieved net profit 15% of your student number and paid cash dividends 4% of your student number

Required:

Record the journal entries in the books of the ventures A and B and compute the ending balance of investment in AB JV by using:

Equity method of accounting.