Summary transactions of the joint arrangement for $2016$

and $2017$ are as follows:

$2016$:

Company R contributed $6$ million for a $60\%$ interest in the net assets of Entity RS and Company S fitted for million for a $40\%$

interest in the net assets of Entity RS$.$

Entity RS wired a shopping center at a cost of $12$ million.

Major repairs incurred to renovate the building amounted to $3$ million. This is capitalized to extend the remaining life of the

building to $15$ years.

Operating expenses$($including depreciation$)$ for the year amounted to $2\mathrm{.}5$ million.

Rental income collected from the tenants, $3$ million.

Net income or loss for the year was distributed to the venturers in accordance with their interest in the joint venture.

$2017$:

Operating expenses$($including depreciation$)$ incurred for the year, $4$ million.

Rental income collected for the year, $6$ million.

Dividends paid at the end of the year, $200,000.$

Net income or loss for the year was distributed among the venturers.