On 1/1/2016 the company MONICA to acquire 70% of YOUNG for 665,000 dinars. While the fair value of minority rights at the date of purchase amounted to 285,000 dinars. The financial statements showed the equity side of YOUNG Company on that date as follows: 300,000 dinars Share capital - ordinary shares (10 dinars per share) Additional capital - common shares Retained earnings 90000 dinars 410000 dinars When determining the value of the acquisition on the date of purchase, the company MONICA evaluated all the assets and liabilities of YOUNG Company and verified the accounting records and the fair value of the assets and liabilities was equal to the book value, except for the buildings (the operational life of 5 years) and the recorded value was less than 50000 dinarsAnd the patent that is not registered in the books of the subsidiary company (shelf life 10 years) with a value equal to the difference between the fair value and the book value of the subsidiary company (the difference between the fair value and the book value). - That is, the assets of the subsidiary company proved a difference in the value of the patent If you know that the subsidiary company YOUNG sold over The following three years of ownership of goods to a company Monica with a profit rate of 30%. While the parent company MONICA resells it to outside parties in the same year or at the latest in the following year (ie, the goods remaining in the stores are sold directly in the following year) as follows: Sold price the year Goods left in stock at the end of the year 10000 60.000 2016 Page 4 of 5 12000 18000 80000 90000 2017 2018 At the end of the third year, specifically 31/12/2018, the subsidiary company registered YOUNG net income amounted to 160,000 dinars and disclosed cash dividends amounting to 50,000 dinars, while it recorded a balance of retained earnings of 740,000 dinars at the end of 2018 (that is, the impact of this net income and dividends on the retained earnings of the subsidiary company to reach this balance at the end of year). There have also been no changes in YOUNG's common stock accounts since the MONICA acquisition. By the end of 2018, the financial statements of the parent company MONICA showed a dividend of 35,000 dinars and an investment account in YOUNG with a balance of 655,000 dinars. Required: 2 1. Using the above information, what is the company's approach? Michale to prove the investment account in YOUNG company justify it. Prepare the worksheet entries on 31/12/2018 according to the adopted method, which can be deduced from the above information 3. Determine the balance of the minority interest account that will appear in the consolidated financial statements for the year 2018