Question Two: (12 marks) (B1, C1)

Bahrain company (the 90%-owned subsidiary); in 10/2/2017 sold land to Manama Company (the subsidiary) at selling price $250,000, the cost of land $230,000. During 2019, Manama Company sold the land at $290,000. Net income for Manama Company as follows:

	2017	2018	2019
Net Profit	180,000	200,000	230,000

Instructions:

1. Journalize the above transactions in Parent Company records and in the Subsidiary Company records. (4 marks)
2. Calculate the Parent company from the subsidiarys net income? (3 marks)
3. Calculate the Minority interest from the subsidiarys net income? (2 marks)

Prepare the working paper in Journal entries format for 2017, 2018 and 2019? (3