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  3. bird co. acquires 33.3% interest in tweetie co., a

Bird Co. acquires 33.3% interest in Tweetie Co., a separate vehicle established in a joint...

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Accounting

Bird Co. acquires 33.3% interest in Tweetie Co., a separate vehicle established in a joint arrangement, for an investment of 1,000,000. Bird Co. determines that it has joint control over Tweetie and its interest relates to rights over Tweetie's net assets. Tweetie reports loss of 720,000.

Requirement: Compute for the year-end carrying amount of Birds' investment in Tweetie.


2. Tech. Co and Robotics Co. are joint operators in the development of Super OS, a mobile phone operating system. Each joint operator retains control over the assets contributed to the joint operation and share equally in the profits and losses of the joint operation. During the year, Tech Co. earns revenue of 1,000,000 from its own operations. Sales of Super OS amount to 400,000. How much total revenue shall be reported in Tech Co's statement of profit or loss for the year?

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