The starting material is a benzenediazonium salt, \( \text{C}_6\text{H}_5\text{N}_2^+\text{X}^- \).
 Let's assume X\(^-\) is Cl\(^-\) or HSO\(_4^-\) typically.
Step 1: \( \text{C}_6\text{H}_5\text{N}_2^+\text{X}^- \xrightarrow{\text{C}_2\text{H}_5\text{OH}} \) Product (referred to as X in options, let's call it P1).
   Reaction of diazonium salts with ethanol (C\(_2\)H\(_5\)OH) can lead to reduction of the diazonium group to -H (forming benzene) or substitution by -OC\(_2\)H\(_5\) (forming phenetole, an ether).
   The reduction to benzene is favored, especially if a reducing agent like H\(_3\)PO\(_2\) is also present or if the ethanol acts as the reducing agent (it gets oxidized to ethanal).
   \[ \text{C}_6\text{H}_5\text{N}_2^+\text{X}^- + \text{CH}_3\text{CH}_2\text{OH} \rightarrow \text{C}_6\text{H}_6 + \text{N}_2 + \text{CH}_3\text{CHO} + \text{HX} \]
   So, P1 (X in the options) is Benzene (\( \text{C}_6\text{H}_6 \)).
Step 2: P1 (\( \text{C}_6\text{H}_6 \)) \( \xrightarrow{\text{CO, HCl, anhy.
 AlCl}_3} \) Y
   This reaction of benzene with carbon monoxide (CO) and hydrogen chloride (HCl) in the presence of anhydrous AlCl\(_3\) (often with CuCl as a co-catalyst) is the Gattermann-Koch reaction.
 It is used to introduce an aldehyde group (-CHO) onto the benzene ring.
   \[ \text{C}_6\text{H}_6 + \text{CO} + \text{HCl} \xrightarrow{\text{Anhy.
 AlCl}_3/\text{CuCl}} \text{C}_6\text{H}_5\text{CHO} + \text{HCl} \]
   (The HCl is formally regenerated or used in forming the electrophile [HCO]\(^+\)).
   Product Y is Benzaldehyde (\( \text{C}_6\text{H}_5\text{CHO} \)).
So, X (P1) is Benzene and Y is Benzaldehyde.
This corresponds to the structures shown in option (1).
Let's check other possibilities if P1 were Phenol:
If \( \text{C}_6\text{H}_5\text{N}_2^+\text{X}^- \) reacts with warm water or dilute acid, it forms phenol (\( \text{C}_6\text{H}_5\text{OH} \)).
 Ethanol can sometimes lead to ether formation too.
If P1 was Phenol:
   Phenol \( \xrightarrow{\text{CO, HCl, anhy.
 AlCl}_3} \) Y
   This reaction (Gattermann-Koch) on phenol is not standard for simple formylation.
 Phenols are highly activated.
 Formylation of phenol usually occurs via Reimer-Tiemann (CHCl\(_3\)/NaOH) or Gattermann aldehyde synthesis (using HCN/HCl then hydrolysis, not CO/HCl).
 If Gattermann-Koch were applied to phenol, it would likely give p-hydroxybenzaldehyde or a mixture.
   Options (3) and (4) suggest P1 is Phenol.
 Option (3) makes Y Salicylic acid (o-Hydroxybenzoic acid).
 Option (4) makes Y Salicylaldehyde (o-Hydroxybenzaldehyde).
   Salicylic acid is COOH, Gattermann-Koch gives CHO.
 Salicylaldehyde is formylation at ortho.
The most standard interpretations are:
- Diazonium salt + Ethanol \( \rightarrow \) Benzene (reduction).
- Benzene + CO/HCl/AlCl\(_3\) (Gattermann-Koch) \( \rightarrow \) Benzaldehyde.
This makes X=Benzene, Y=Benzaldehyde.