On January 2, 2020, Adena Corporation and Dillon Company form a joint venture to develop a new product. Each contributes $2.5 million and has a 50 percent interest in the venture. At December 31, 2020, the joint venture's balance sheet is as follows (in millions): Cash Equipment Total $ 1.8 Debt $8.4 12.2 Equity 5.6 $14.0 Total $14.0 The joint venture reported net income of $600,000 during 2020. Each investor uses the equity method to report its interest in the joint venture. Required Show how the joint venture is reported on each investor's financial statements for 2020. What is reported on the balance sheet of each investor at December 31, 2020? OEach investor reports the investment in the joint venture on its balance sheet at $2.5 million. OEach investor reports the investment in the joint venture on its balance sheet at $2.8 million. OThe joint venture is not reported on the investors' balance sheets. OEach investor reports 50% of the joint venture's individual assets and liabilities on its own balance sheet. OEach investor reports 50% of the joint venture's revenue accounts and expense accounts on it's own income statement. What is reported on the income statement for each investor for the 2020 fiscal year? OEach investor reports equity in net of $300,000. OEach investor reports interest income of $300,000. OThe net income from the joint venture is not reported on the investor's income statement. Where are the joint venture's individual assets and liabilities reported by the venturers? OThe individual assets and liabilities of the joint venture are reported separately by the investors. OThe individual assets and liabilities of the joint venture are not reported separately by the investors