P1. XYZ Company had the following transactions related to ABC Company over a two-year period: Year 1 I. 2. 3. On January 1, XYZ purchased 35% ownership of ABC Company for $700,000 cash. ABC Company had net income of $70,000 for the year. At year-end, ABC Company paid its shareholders dividends of S60,000. Year 2 XYZ Company purchased on January 1 an additional 5% of ABC Company's stock for $75,000 cash ABC Company had net income of $150,000 for the year. At year-end, ABC company paid its shareholders dividends of $100,000 1. 2. 3. What amounts will appear on the financial statements? $ AMOUNTS Accounts/Descriptions Y ear Year 2 I/S Evaluate the performance of your investment. (explain and show supporting amounts/calcs)