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A 50:50 joint operation was commenced between two participants. Rosalind Company contributed cash of $180...

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Accounting

  1. A 50:50 joint operation was commenced between two participants. Rosalind Company contributed cash of $180 000, and Piper Company contributed a Building with a fair value of $180 000 and a carrying amount of $150 000. Using the line-by-line method of accounting, Piper Company would record:

a. DR Building in JO $150 000

CR Building $150 000

b. DR Building in JO $90 000

CR Building $75 000

CR Gain on sale of building $15 000

c. DR Investment in joint operation $90 000

CR Building $75 000

CR Gain on sale of building $15 000

d. DR Cash in JO $90 000

DR Building in JO $90 000

CR Building $150 000

CR Gain on sale of building $30 000

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