Jisoo Limited and Lisa Pty Limited entered into a joint operation, BPink, at the beginning of the financial year to manufacture and distribute branded clothing. The joint operation agreement indicates the parties will share output, contributions and costs, and hold the joint operation assets as tenants in common, with the respective interests being 40% Jisoo Limited and 60% Lisa Pty Limited. Jisoo Limited has been appointed the manager of BPink and will receive an annual fee of $160,000 for performing the role. The estimated cost to of providing the services is 80% of that amount. The monthly invoice has been recognised as management fee revenue during the year.

The end of year adjusting entry recorded by Jisoo Limited in relation to the management fee will include:

a. Cr Management fee revenue $64,000

b. Dr Management fee revenue $96,000

c. Dr Management fee revenue $64,000

d. Dr Management fee revenue $160,000