IFRS 11 -- JOINT ARRANGEMENTS ILLUSTRATION - JOINT OPERATIONS Lyon Co. has a 40% share of a joint operation, a natural gas station. The following relates to the joint arrangements activities: The natural gas station cost 15 CU million to construct and was completed on January 1, 2015. Its useful life is estimated at 10 years. . During the year, gas with direct cost of 22 CU million was sold for 30CU million. Additionally, the joint arrangement incurred operating costs of 1.5 CU million during the year. Assets, liabilities, revenues and costs are apportioned on the basis of the shareholding. Lyon Co. has only contributed and accounted for its share of the construction cost, paying 6 CU million. The revenue and costs are receivable and payable by the other joint operator who settles amounts outstanding with Lyon after the year-end (December 31, 2015). Show how Lyon Co. would account for the above in its consolidated financial statements for the year ended December 31, 2015. Requirements: Prepare the following in good form. 1. Journal entries 2. Income statement 3. Balance sheet