Ma Ltd, Ming Ltd and Moe Ltd entered into a joint operation on 1 July 2019 to explore and mine gold in Western Australia. The economic life of the joint venture is 10 years. The joint venture agreement states that each operator will contribute the following assets to establish the joint operation and to provide for initial running costs. The fair value of the amounts contributed is shown in the following table:

From Ma Ltd Exploration and Evaluation Asset PPE Cash	2,000,000 1,000,000 2,000,000	5,000,000
From Ming Ltd Cash	6,000,000	6,000,000
From Moe Ltd PPE Cash	3,000,000 3,000,000	6,000,000

The contractual arrangement is that the operators divide extracted gold in proportion to their contributions to establish the joint operation, that is, the ratio 30:35:35 The operators meet the costs of production in the same proportions.

The joint operation is managed by Ma Ltd who is entitled to receive a yearly fee of $150,000 annually. The cash contributed by the operators is used by the manager to purchase additional property plant and equipment at a cost of $9,000,000 from independent third parties. These assets are held as tenants in common in proportion to the operators contribution ratio 30:35:35

The Exploration and Evaluation Asset had been recorded in the books of Ma Ltd at $1,500,000. The property plant and equipment (PPE) contributed to the joint venture by Ma Ltd was originally purchased for $3,000,000 with accumulated depreciation of $1,400,000 at 1 July 2019. This asset is considered impaired. Ma Ltd decided not to revalue its remaining interest in the non-current assets contributed to the joint operations. The PPE contributed by Moe Ltd was new and recorded at $3,000,000.

The following was extracted from the accounting records kept by the joint venture manager for the year ending 30 June 2020.

Joint venture balance sheet extract at 30 June 2020 Cash and cash equivalents	580,000
Supplies	100,000
Undistributed gold	1,100,000
Exploration and Evaluation Asset	2,000,000
Property Plant and Equipment	13,000,000
Accounts payable and Wages payable	(900,000)
Net assets	15,880,000

Joint venture cash receipts and payments for the year ended 30 June 2020

Cash contributions from operators Less: Cash payments	11,000,000
Plant and Equipment	(9,000,000)
Wages	(800,000)
Materials and supplies	(350,000)
Utilities	(120,000)
Management fee	(150,000)
Cash balance at the end of the period	580,000
Cost of production statement for the year ended 30 June 2020
Wages paid	800,000
Wages payable	300,000	1,100,000
Materials and supplies paid	350,000
Materials and supplies payable	150,000
Less: Materials and supplies on hand	(200,000)	(300,000)
Utilities		(120,000)
Management fee		(150,000)
Total production cost		1,670,000
Less: Undistributed Gold		1,100,000
Cost of gold distributed		570,000

By 30 June 2020 both Ma Ltd and Ming Ltd had sold 70% of their share of output while Moe Ltd had sold 60% of its share of output. All three operators make sales to customers at a mark-up of 50% on the full cost.

Required:

Prepare the required entries for each operator for the year ended 30 June 2020.