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Question 20 0.5 pts On 1 July 2020 George Limited, a joint venturer, acquired a 30% share of Genevieve Limited. At that date, the following
Question 20 0.5 pts On 1 July 2020 George Limited, a joint venturer, acquired a 30% share of Genevieve Limited. At that date, the following assets had carrying amounts different to their fair values in Genevieve's books. Carrying Asset Fair value amount Inventories $25 000 $35 000 Equipment $48 000 $60 000 All inventories were sold to third parties by 30 June 2021. On 1 July 2020, the equipment had a remaining useful life of 4 years. The tax rate was 30%. The adjustment required to the investment in the joint venture account at 30 June 2021 in relation to the above assets would be: $9 100 $6 370 $2 730 $4 620
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