Banks A and B agreed to combine their corporate, investment banking, asset management and service activities by establishing a separate vehicle [Bank X]. Both parties expect the arrangement to benefit them in different ways. The assets and liabilities held in Bank X are the assets and liabilities of Bank X and not the assets and liabilities of the parties. Bank A and B each invested P5,000,000 to have a 40% ownership interest in Bank X, with the remaining 20% being listed and widely held. The stockholders' agreement between Bank A and Bank B establishes joint control over the activities of Bank X. Transactions of Bank X for the year 2020 and 2021 are as follows: 2020 2021 Revenues ?10,000,000 ?'12,000,000 Cost and expenses 6,000,000 ?,000,000 Dividends declared and paid - 4,000,000