LO2 M9-20. Interpreting Disclosures on Investments in Affiliates Pfizer, Inc. (PFE) Pfizer's 10 -K report includes the following footnote disclosure. On December 19, 2018, we announced that we entered into a definitive agreement with GSK under which we ... will combine our respective consumer healthcare businesses into a new consumer healthcare joint venture that will operate globally under the GSK Consumer Healthcare name. In exchange for contributing our Consumer Healthcare business, we will receive a 32% equity stake in the company and GSK will own the remaining 68%. a. How will Pfizer account for its 32% equity stake in GSK Consumer Healthcare? b. If the joint venture distributes cash of $350 million in 2019 what will be the effect on Pfizer's 2019 balance sheet and income statement? c. Assume that the joint venture generated profit of $1,400 million in 2019 . How will this affect Pfizer's 2019 income statement? LO2 M9-20. Interpreting Disclosures on Investments in Affiliates Pfizer, Inc. (PFE) Pfizer's 10 -K report includes the following footnote disclosure. On December 19, 2018, we announced that we entered into a definitive agreement with GSK under which we ... will combine our respective consumer healthcare businesses into a new consumer healthcare joint venture that will operate globally under the GSK Consumer Healthcare name. In exchange for contributing our Consumer Healthcare business, we will receive a 32% equity stake in the company and GSK will own the remaining 68%. a. How will Pfizer account for its 32% equity stake in GSK Consumer Healthcare? b. If the joint venture distributes cash of $350 million in 2019 what will be the effect on Pfizer's 2019 balance sheet and income statement? c. Assume that the joint venture generated profit of $1,400 million in 2019 . How will this affect Pfizer's 2019 income statement