hips Ahoy! entered into a Joint Venture, using a separate corporation, with Cadbury o put Mini Eggs into the classic Chips Ahoy! chocolate chip cookies. They both have 0% ownership in the venture. Chips Ahoy! contributed $850,000 cash for its nvestment into the venture. During the first year, the venture earned $5,000,000 of evenues, and $3,000,000 of expenses. Select the TRUE statement(s) below from Chips Ahoy!'s perspective: Chips Ahoy! would need to add $2,500,000 to its revenues, and $1,500,000 to its expenses for the year. Chips Ahoy! would need to add $5,000,000 to its revenues, and $3,000,000 to its expenses for the year. Equity income will be $1,000,000 for the year. The balance in the Investment in Joint Venture account would be $1,850,000 after the first year