on January 2, 2017, two construction companies Lebfoni and Durant (the parties, set up a contractual arrangement to construct 10 units of townhouse to be sold to the public. The contractual arrangement determines the participation shares of Lebron and Durant and establishes joint control of the arrangement; the subject matter is the construction and sale of the townhouses. The parties did not set up a separate vehicle to conduct the arrangement. The contractual arrangement between Lebron and Durant additionally establishes the following: The parties Lebron and Durant used their own equipment and employees in the construction activity; The rights to all the assets needed to undertake the activities of the arrangement are shared equally; . The parties are severally and jointly responsible for all obligations relating to the activities of the arrangement equally; and The profit or loss resulting from the activities of the arrangement is shared by Lebron and Durant equally. Summary transactions of the joint arrangement for the year 2017 are as follows: 1. Lebron constructed 5 units of the townhouse at a total cost of P12 million. 2. Durant constructed the remaining 5 units at a total cost of P10 million. 3. Lebron and Durant sold the 10 units at P30 million. Required: Prepare journal entries in the books of Lebron and Durant to account for their interests in the joint arrangement