Starbucks Corporation and PepsiCo formed a joint venture to produce and distribute Starbucks’ bottled Frappuccino coffee drink throughout North America. Assume that the 50/50 joint venture had a book value on the consolidated balance sheet of Starbucks Corporation of \($90\) million and \($70\) million at year-end 2012 and 2011, respectively. Further, assume that on Starbucks’ 2012 statement of cash flow, the company disclosed an adjustment to net income for the PepsiCo joint venture as follows:

Calculate the joint venture’s total earnings and total cash dividends for 2012.

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Equity in income of joint venture 2012 $(22,000,000)