Banks X and Y (the parties) agreed to combine their corporate, investment banking, asset management and service activities by establishing a separate vehicle (Bank XY). Both parties expect the arrangement to benefit them in different ways. The assets and liabilities held in Bank XY are the assets and liabilities of Bank XY and not the assets and liabilities of the parties. Banks X and Y each have a 40% interest in Bank XY, the remaining 20% was held by outside parties. The stockholders' agreement between Bank x and Bank Y establishes joint control of the activities of Bank XY. Summary transactions for the two year period are as follows: Investments: Bank X Bank Y 2019 P50M 50M 10M 6M Revenues Costs and expenses Dividends paid by Bank XY 1) How much is the interest of Bank X in the joint arrangement at Dec.31,2019? 2) How much is the interest of Bank Y in the joint arrangement at Dec.31,2020? 2020 P5M 5M 12M 7M 4M