Joint Venture On January 2, 2020, Adena Corporation and Dillon Corporation form a joint venture to develop a new product. Each contributes $2.5 million and has a 50 percent interest in the venture. At December 31, 2020, the joint venture balance sheet is as follow (in millions):

Cash. $1.8 Debt$8.4

Equipment.. 12.2 Equity. 5.6

Total.$14.0 Total$14.0

The joint venture reported net income of $600.000 during 2020. Each investor uses the equity method to report its interest in the joint venture.

Required:

Show how the joint venture is reported on each investors financial statements for 2020. Where are the joint ventures individual assets and liabilities reported by venturers.