Partner Co$.$Partner Co$.($P$)$ has a $40\%$ share in a joint venture entity, called JV$.$ Other Co$.$ has a $60\%$ share.P contributed equipment $(8$ yr life$)$ to venture with book value $$150,$ fmv $$200.$Assume Other Co$.$ contributed similar equipment asset with fmv $$200,$ and $$40$ cash.Also, assume that JV gave P $$50$ cash for investing the equipment.Result is that JV "borrowed" $$10($$$50-$ $$40),$ and $$10$ is a return of equity to P$.$ JV net income for the year was $$80.$ Record P$\text{'}$s initial investment in the JV$.$ Record P$\text{'}$s share of JV net income.