Please answer ALL questions with substantial responses and show calculations where necessary.

The diagram below portrays Company X (the parent or investor company), its two subsidiaries EXE C1 and C2, and its 50% or less owned affiliate C3. Each of the companies has only one type of A aly ng and stock outstanding, and there are no other significant shareholders in either C2 or C3. All four Interpreting companies engage in commercial and industrial activities Intercorporate Investments C1 C2 C3 100% owned 80% owned 30% owned Required: a. Explain whether or not each of the separate companies maintains distinct accounting records. b. ldentify the type of financial statements each company prepares for financial reporting. C. Assume you have the ability to enforce your requests of management, describe the type of financial statement Intformation about these companies (separate or consolidated) that you would request. d. Explain what Company X reports among its assets regarding subsidiary Cl. e. In the consolidated balance sheet, explain how the 20% of C2 that is not owned by Company X is reported. . ldentify the transaction that is necessary before C3 is included line by line in the consolidated financial statements. s I combined statements are reported for C1 and C2, discuss the need for any elimination entries