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Atlas Ltd and World Ltd formed a 40:60 joint operation on 1 July 2021. Atlas...

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Accounting

Atlas Ltd and World Ltd formed a 40:60 joint operation on 1 July 2021. Atlas Ltd agreed to contribute equipment with a fair value of $1m to the joint operation. The carrying amount of the equipment was: Plant 1,600,000 Accumulated depreciation 400,000 1,200,000 Required Provide the journal entries to account for the joint operators contributions. Prepare the required entries for each of the operators for the year ended 30 June 2022 (ignore depreciation for the

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