Chapter 15, Problem 15.16BQ

To determine

Joint venture: it is usually a business entity owned and operated by a small group of investors as a separate and specific business project organized for the mutual benefit of the ownership group. Many joint ventures are short-term associations of two or more parties to fulfill a specific project, real estate development, joint oil or gas exploration, financing of production centers etc.

To explain: what is joint venture and how corporate joint ventures are accounted for the books of investors companies.