On 30 June 2013,Perkins Ltd,Thorpe Ltd and Hackett Ltd entered into a joint venture operation to produce apparel and related products for the Australian national swimming team.The venturers equally share in output and costs.On the same date,the recorded amounts of each venturer's contributions are as follows: 
Assume that agreed values equal recoverable amount and no revaluations have occurred.
Which of the following combinations correctly indicates the effects on the statement of financial position and statement of financial performance of Hackett Ltd,respectively,after processing the journal entries to account for this joint venture arrangement?
Definitions:
Agricultural Society
An agricultural society is a community or nation whose economy is heavily based on agriculture and farming practices.
Domesticated Animals
Animals that have been bred and kept by humans for work, food, or as pets, showing traits that differ from their wild ancestors.
Accumulating Material Goods
The process of systematically gathering and holding onto physical items or products, often beyond immediate needs or personal enjoyment.
Industrial-Medical Evolution
The progression and development of healthcare practices and technologies as influenced by industrial advancements.
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