On 3 January 20X5, London Company entered into a joint arrangement with two other investors to develop a gold mine called JDX Gold. Based on the contractual arrangement, London will have rights to the net assets and net income of JDX Gold. London has a 25% interest in JDX Gold. All investors have equal voting rights and joint decision-making authority. On January 3, 20X5, London contributed $2,700,000 to JDX. Both London and JDX have a December 31 year-end. At 31 December 20X5, JDX reported a net loss of $480,000 and no dividends were declared. For the 20X6 fiscal year-end, JDX reported a net income of $665,000 and dividends of $240,000 were paid. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare 20X5 and 20X6 journal entries for London. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 Record the investment of cash in JV. Note: Enter debits before credits. 3. At the end of 20X5 and 20X6, what is the balance in the investment account? What investment revenue is reported on the Statement of Comprehensive Income (SCI)? 20X5: Investment account balance Statement of Comprehensive Income 20X6: Investment account balance Statement of Comprehensive Income