On January 1, Year 1, Amco Ltd. and Newstar Inc. formed Bearcat Resources, a joint venture. Newstar contributed miscellaneous assets with a fair value of $1,556,000 for a 55% interest in the venture. Amco contributed plant and equipment with a carrying amount of $1,210,000 and a fair value of $1,740,000, and received a 45% interest in the venture plus $467,000 in cash. On December 31, Year 1, Bearcat reported a profit of $197,000 and declared a dividend of $92,000. Amco has a December 31 year-end and will account for its 45% interest using the equity method. (Assume a 20-year useful life for the plant and equipment.) Required: (a) Assume that the miscellaneous assets contributed by Newstar included cash of $467,000. Also, assume that the transaction had commercial substance when Amco transferred the plant and equipment to the joint venture. Prepare Amco's Year 1 journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round final answers to the nearest whole dollar value.) View transaction list Journal entry worksheet 1 2 3 4 Record the investment and transfer of asset to Bearcat. Note: Enter debits before credits. Date Jan 1, Year 1 General Journal Debit Credit