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Question 3 Part A What is a joint venture? Provide examples. [5 marks) Part B On 1 July 2021, Flying Ltd purchased 40% of the shares of Fox Ltd for $63,200. At that date, equity of Fox Ltd consisted of: Share capital Retained earnings $125000 11 000 At 1 July 2021, the identifiable assets and liabilities of Fox Ltd were recorded at fair value. Information about income and changes in equity for both companies for the year ended 30 June 2024 was as follows. DOVE SHARE Fox Ltd Flying Ltd $26 000 10 600 $23 500 5400 Profit before tax Income tax expense Profit Retained earnings (1/7/23) 15 400 18 100 16 000 18 000 33 400 34 100 18 100 Income tax expense Profit Retained earnings (1/7/23) 15 400 18 000 16 000 33 400 34 100 Dividend paid Dividend declared 5 000 10 000 4 000 5 000 15 000 $18 400 9 000 $25 100 Retained earnings (30/6/24) Addition information Flying Lid recognises dividends as revenue when they are declared by the investee. On 31 December 2022, Fox Lid sold Flying Lid a motor vehicle for $12,000. The vehicle had originally cost Fox Ltd $18,000 and was written down to $9000 at time of sale to Flying Ltd. Both companies depreciated motor vehicles at the rate of 20% p.a. on cost. The beginning inventories of Fox Ltd included goods at $4000 bought from Flying Ltd; their cost to Flying Ltd was $3200. The ending inventories of Flying Ltd included goods purchased from Fox Ltd at a profit before tax of $1600 The tax rate is 30% continued... Required Prepare the journal entries in the records of Flying Ltd to account for the investment in Fox Ltd under the equity method for the year ended 30 June 2024 assuming Flying Ltd does not prepare consolidated financial statements. Show all calculations [20 marks] [Total for Question 3 - 25 CHAOS