Joe obtained 50% of the shares of Rogan and obtained joint control of Rogan on January 1, 2021 for $500,000 in cash. 

The other 50% equity holder also put $500,000 of cash into Rogan on January 1, 2021. Joe has the right to the net assets of Rogan. 

Both Joe and Roan have a December 31, 2021 year end. Rogan had limited activity during the year. Joe only conducted four transactions during the year: 

• On January 1, 2021, Rogan paid $200,000 in cash for equipment. The equipment has a useful life of 4 years. 

• On December 31, 2021, Rogan incurred general and administrative expenses of $80,000 in cash 

• On December 31, 2021, Rogan generated service revenue of $300,000 in cash. 

• On December 31, 2021, Rogan purchased land from Joe for $100,000 in cash. Joe had originally paid $75,000 for this land. Joe reports under IFRS. 

A) Define "Joint control" in your own words (no more than 1-2 sentences) 

B) Explain what type of joint arrangement Joe's investment in Rogan qualifies for?

Under IFRS, how do you account for this type of joint arrangement?  

C) Prepare all the journal entries for Joe's investment in Rogan for the year ended December 31, 2021.