Gil bulube les el hidan God Question 3 20 pts JONT PRODUCTION OPERATIONS (20 marts Alpha Li, Ben Lid and Canna Lid estered into an agreement to form a birt perman on 13 2018 to mandature retium battery. The nyos terest of many years of research by Apha Lid and for hidaptert has been registered basting up the point operation, the Upsts agreed on the folosing hital contributions of assets Det Caryng Date 5 SUD 000 filterd encher 1 The genert seches that the westers stare control of the operation and all the sets of the operation are held by the operators 2 The peritos iso agreed to share al costs and output in accordance thered their initial contribution 3. A. High was the man dies behind this reason, the operators agreed that Aicha Lion's to be the manager of the point operation and catholai OOOOOO 201 Gde bedste Astond tender 1. The rement species but the person stare control of the Seiten zoalets of the person ze held by the operators tenants in common 2 The parts is greed to share il costs and out in stance teritorial carbon 1. Abhains the main trives behind this erdana, the operators pred that pha Lis is to be the manager di tebiet section and w celaget free for this role For the year ended 30 )ne 2019, the slowing fra del tests were preced by the pist operation trang Statement of financial position as at 30 June 2019 Cu Supplies Equique Accounts payable 50.000 24.000 16.000 400.000 300.00 1,000,000 280.000 280.000 SA and Oacient Statement of financial position as at 30 June 2019 om One * Supplies Lasedary Egique 50,000 24,00 106,000 Acests payable Nosts Irrest of your person 500.000 1,080,000 Alpha Bea Lid 280.000 280.000 800.00 Gena Cost of production statement for the year ended 31 June 2019 400.000 240,000 160.000 320.00 Wages Les pies and $ Martine $ 65.000 24000 75.000 Les tulpat distributed to open Output cu band 90000 100.000 306.300 200.000 105.00 Cread wide Ness and Croom Gud. By 30 June 2019. Abha tid had soid 60% of the battery it received from the point operabon to the local market for a price of $98.000. betting Required Gues nements A Prepare the journal entry required to record the bestial investment by Alpha Ltd in the joint operation (2 marks) B. Prepare the journal entries recorded by Alpha Ltd at 30 kine 2019 to accourt for its investment in the joint operation, including the sale of the output received from the joint operation. 14 marks) C.Explain the cherence between tenants in common and joint tenants in the content of interests in joint arrangements. (4 marks) D Question 3 20 pts JOINT PRODUCTION OPERATIONS (20 marks) Alpha Ltd, Beta Ltd and Gamma Ltd entered into an agreement to form a joint operation on 1 July 2018 to manufacture zenthium battery. The battery was the result of many years of research by Alpha Ltd and for which a patent has been registered. In setting up the joint operation, the operators agreed on the following initial contributions of assets. Operators Assets Alpha Lid Patent Beta Lid Equipment Gamma Lid Cash Cost (5) 250,000 400.000 200.000 Carrying amount (5) 200.000 250.000 200,000 Fair value Remaining (5) life (years) 500.000 23 300.000 10 200.000 speech OOOO 280 ^ OG & ENG 17 Additional information: 1. The agreement specifies that the operators share control of the operation and all the assets of the operation are held by the operators as tenants in common. 2. The operators also agreed to share all costs and output in accordance with the ratio of their initial contribution. 3. As Alpha was the main driver behind this endeavour, the operators agreed that Alpha Ltd is to be the manager of the joint operation and will receive a management fee for this role. For the year ended 30 June 2019, the following financial statements were prepared by the joint operation manager. type here to search wc ^ @GIE $ Statement of financial position as at 30 June 2019 Assets S Cash 50.000 Supplies 24,000 Inventory 106,000 Equipment 400,000 500,000 1,080,000 Patent Liabilities Accounts payable Net assets 280.000 280,000 800.000 Interest of joint operators Alpha Ltd Beta Ltd Gamma Ltd 400,000 240,000 160,000 800.000 spe here to send 00 wc ^ @GIER EN Cost of production statement for the year ended 30 June 2019 $ $ Wages 75,000 Supplies 65,000 Less: supplies on hand 24,000 41,000 Utilities 90,000 Management fee 100,000 306,000 Less: output distributed to operators 200,000 Output on hand 106,000 By 30 June 2019, Alpha Ltd had sold 60% of the battery it received from the joint operation to the local market for a price of $98,000. Required: A. Prepare the journal entry required to record the initial investment by Alpha Ltd in the joint operation. (2 marks) B. Prepare the journal entries recorded by Alpha Ltd at 30 June 2019 to account for its investment in the joint operation, including the sale of the output received from the joint operation. (14 marks) C. Explain the difference between tenants in common and joint tenants in the context of interests in joint arrangements. (4 marks) Gil bulube les el hidan God Question 3 20 pts JONT PRODUCTION OPERATIONS (20 marts Alpha Li, Ben Lid and Canna Lid estered into an agreement to form a birt perman on 13 2018 to mandature retium battery. The nyos terest of many years of research by Apha Lid and for hidaptert has been registered basting up the point operation, the Upsts agreed on the folosing hital contributions of assets Det Caryng Date 5 SUD 000 filterd encher 1 The genert seches that the westers stare control of the operation and all the sets of the operation are held by the operators 2 The peritos iso agreed to share al costs and output in accordance thered their initial contribution 3. A. High was the man dies behind this reason, the operators agreed that Aicha Lion's to be the manager of the point operation and catholai OOOOOO 201 Gde bedste Astond tender 1. The rement species but the person stare control of the Seiten zoalets of the person ze held by the operators tenants in common 2 The parts is greed to share il costs and out in stance teritorial carbon 1. Abhains the main trives behind this erdana, the operators pred that pha Lis is to be the manager di tebiet section and w celaget free for this role For the year ended 30 )ne 2019, the slowing fra del tests were preced by the pist operation trang Statement of financial position as at 30 June 2019 Cu Supplies Equique Accounts payable 50.000 24.000 16.000 400.000 300.00 1,000,000 280.000 280.000 SA and Oacient Statement of financial position as at 30 June 2019 om One * Supplies Lasedary Egique 50,000 24,00 106,000 Acests payable Nosts Irrest of your person 500.000 1,080,000 Alpha Bea Lid 280.000 280.000 800.00 Gena Cost of production statement for the year ended 31 June 2019 400.000 240,000 160.000 320.00 Wages Les pies and $ Martine $ 65.000 24000 75.000 Les tulpat distributed to open Output cu band 90000 100.000 306.300 200.000 105.00 Cread wide Ness and Croom Gud. By 30 June 2019. Abha tid had soid 60% of the battery it received from the point operabon to the local market for a price of $98.000. betting Required Gues nements A Prepare the journal entry required to record the bestial investment by Alpha Ltd in the joint operation (2 marks) B. Prepare the journal entries recorded by Alpha Ltd at 30 kine 2019 to accourt for its investment in the joint operation, including the sale of the output received from the joint operation. 14 marks) C.Explain the cherence between tenants in common and joint tenants in the content of interests in joint arrangements. (4 marks) D Question 3 20 pts JOINT PRODUCTION OPERATIONS (20 marks) Alpha Ltd, Beta Ltd and Gamma Ltd entered into an agreement to form a joint operation on 1 July 2018 to manufacture zenthium battery. The battery was the result of many years of research by Alpha Ltd and for which a patent has been registered. In setting up the joint operation, the operators agreed on the following initial contributions of assets. Operators Assets Alpha Lid Patent Beta Lid Equipment Gamma Lid Cash Cost (5) 250,000 400.000 200.000 Carrying amount (5) 200.000 250.000 200,000 Fair value Remaining (5) life (years) 500.000 23 300.000 10 200.000 speech OOOO 280 ^ OG & ENG 17 Additional information: 1. The agreement specifies that the operators share control of the operation and all the assets of the operation are held by the operators as tenants in common. 2. The operators also agreed to share all costs and output in accordance with the ratio of their initial contribution. 3. As Alpha was the main driver behind this endeavour, the operators agreed that Alpha Ltd is to be the manager of the joint operation and will receive a management fee for this role. For the year ended 30 June 2019, the following financial statements were prepared by the joint operation manager. type here to search wc ^ @GIE $ Statement of financial position as at 30 June 2019 Assets S Cash 50.000 Supplies 24,000 Inventory 106,000 Equipment 400,000 500,000 1,080,000 Patent Liabilities Accounts payable Net assets 280.000 280,000 800.000 Interest of joint operators Alpha Ltd Beta Ltd Gamma Ltd 400,000 240,000 160,000 800.000 spe here to send 00 wc ^ @GIER EN Cost of production statement for the year ended 30 June 2019 $ $ Wages 75,000 Supplies 65,000 Less: supplies on hand 24,000 41,000 Utilities 90,000 Management fee 100,000 306,000 Less: output distributed to operators 200,000 Output on hand 106,000 By 30 June 2019, Alpha Ltd had sold 60% of the battery it received from the joint operation to the local market for a price of $98,000. Required: A. Prepare the journal entry required to record the initial investment by Alpha Ltd in the joint operation. (2 marks) B. Prepare the journal entries recorded by Alpha Ltd at 30 June 2019 to account for its investment in the joint operation, including the sale of the output received from the joint operation. (14 marks) C. Explain the difference between tenants in common and joint tenants in the context of interests in joint arrangements. (4 marks)