mapter 9 Assignment Sd Help Save & Exit Submit John Inc and Victor Inc. formed a joint venture on January 1, 2020 John invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for a 30 % interest in the venture which was to be called Jinxtor Ltd 10 Victor contributed assets with a fair value of $2,000,000 (including $200,000 in cash) for its 70 % stake in Jinxtor Jinxtor reported a net income of $3,000,000 for 2020. John's plant and equipment were estimated to provide an additional 5 years of utity to Jinxtor. The transactions set out above were considered to have commercial substance nts Assuming the plant and equipment transferred by John are used to generate a positive gross profit for Jinxtor, what is the amount of the amortization of the unrealized gain for 2020 arising from the transfer of John's assets? eBook eferences Multiple Choice 542.000 $18,000 10 of 20 Next>