1)

For the year ended 12/31/2017, XYZ has the following information: Sales $ 180,000 COGS 98,000 Rent expense 18,000 Salaries expense 12,000 Depreciation expense 15,000 Dividends income 10,000 Percentage ownership 3%

Calculate net income for the year.

2)

For the year ended 12/31/2017, XYZ has the following information: Sales $ 2,000,000 COGS 200,000 Rent expense 10,000 Salaries expense 5,000 Depreciation expense 1,000 Additional information:

01/01/2017 Purchased 150,000 shares of ABC 1000,000 outstanding shares.

The total cost of the ABC investment is $ 20,000,000 XYZ financed the ABC investment as follow: by issuing common stock $ 10,000,000 by issuing bonds 7,000,000 from retained earnings 3,000,000 31/12/2017 Total amount of dividends paid by ABC to ALL shareholders $ 2,000,000

Calculate net income for the year.