2. R and 5 establish a joint arrangement using a separate vehicle {R5}. The legal form of the separate vehicle does not confer separation between the parties and the separate vehicle itself. That isr R and 5, have rights to the assets and obligations for the liabilities of R}: {a joint operation}. Neither the contractual terms, not the other facts and circumstances indicate otherwise. R and 5 each owns 50% of the equity in RS. Howeven the contractual terms of the joint arrangement state that R has rights to all of the transportation equipment and the obligation to pay the accounts payable in R5. R and 5 have rights to all other assets in RS and obligations for all other liabilities in R5 in proportion to their equity interests {50%}. For the year ended December 31, 2013 the statement of nancial position of the separate vehicle {RS} is as follows: Assets: Liabilities and equity: Cash P 100,000 Accounts payable F 000000 Transpo. equipment 500,000 Other liabilities 200,000 Furniture 01 xtures 500 000 Equity 400 000 Total 312mm Total mess a} On December 31, 2013, the total assets of R in his separate statement of nancial position would show: A. P6011000 C. P650000 B. P000000 D. P300000 b} On December 31, 2013r the total assets of 5 in his separate of financial position is: A. P 50,000 E. P300000 B. P2511000 D. P900000 c] The total liabilities of R in his December 31, 2013 statement of financial position is: A. P500000 C. P100000 0. [3300000 D. W00_000 d} The total liabilities of S in his December 31, 2013 statement of nancial position is: A. P100000 C. PT00_000 0. P3001000 D. P600000