Jointly Operations Point of View- Unincorporated Joint Operation

Use the following Information for question 1-4

AA, BB, and CC sign an agreement to collectively purchase a yacht and to hire a company to manage and operate the yacht on their behalf. The costs involved in
running and operating the yacht business and the revenue earned from the pipeline are shared by three parties based on their ownership percentage. All major
operating and financing decisions related to the yacht business must be agreed to by the three companies. The cost of purchasing the yacht was 56,000,000. The
yacht has an estimated 20-year useful life with no residual value. The management dee for operating the yacht business for 2017 was 11,200,000. Revenue
earned from the yacht business in 2017 was 18,480,000. AA invested 16,800,000 for a 30% interest.
1. Compute the share of AA in the revenue of the joint operation for 2017.
Cash 5,544,000
Revenue from pipeline 5.544,000
(30% x 18,840,000)
2. Compute the share of AA in the expenses of the joint operation for 2017:
X  Proportionate share (30%) Total (100% based)
Revenue P 5,544,000 P 18,480,000
less: Operating expenses 3,360,000 11,200,000
Amortization expense: P 16,800,000 x 100% / 20 yrs. 840,000  
P 56,000,000 x 100% / 20 yrs.   2,800,000
Net income of the Joint Operation   4,480,000
Multiply by: 30% interest   30%
Net income of AA 1,344,000 1,344,000

3. Compute the share of AA in the gross profit/net income in the joint op