Bryant and wade established a joint arrangement (b w ) using a separate vehicle, but the legal form of the separate vehicle does not confer separation between the parties and the separate vehicle itself. Bryant and Wade have rights to the assets and obligations for the liabilities of BW. Neither the contractual terms, nor the other facts and circumstances indicate otherwise. Accordingly, Bryant and Wade account for their rights to assets and their obligations for liabilities as follows: Bryant and Wade own 50% of the equity in BW. Bryant has the rights to all the property, plant and equipment. Bryant has the obligation to pay all the current liabilities. Bryant and wade have rights to all other assets in BW, and obligations for all other liabilities in BW in proportion to their interests (1.e. 50%). After the first year of operation ending December 31, 2017, BW prepare the following statement of financial position