During 2015, X company (the 90%-owned subsidiary) sold merchandise to Y Company (the subsidiary) at a selling price of $40,000, the cost of goods sold was $60,000. In 2016, Y Company sold the merchandise at $70,000. Net income for Y Company for 2015 and 2016 respectively: $120,000: $140,000. There is no dividend. Instructions: 1. Calculate the Parent company from the subsidiary's net income? (4 points) 2. Calculate the Minority interest from the subsidiary's net income? (2 Point) 3. Prepare the working paper in Journal entries format for 2015 and 2016? (4 Points)