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Ontario Inc. and Manitoba Inc. formed a joint venture on January 1, 2019 called Allberta Ltd. Ontario contributed depreciable assets with a book value of $100,000, and a fair value of $125,000 for a 25% interest in the venture. Manitoba contributed assets with a book value of $250,000 and fair value of $500,000. Manitoba also received $150,000 in cash for its 75% stake in Allberta. Allberta reported a net loss $50,000 for 2019. Ontario and Manitoba's depreciable assets were estimated to provide an additional 10 years of utility to Allberta. There is commercial substance.
Required:
Question a) Prepare journal entries that Manitoba would prepare on January 1, 2019
Question b) Prepare journal entries that Manitoba would prepare on December 31, 2019
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