On January $1,$ Year $4,$ Goodkey Co$.$ acquired all of the common shares of Jingya. The condensed income statements for the two companies for January, Year $5,$ were as follows: Goodkey Jingya Sales$$10,000,000$ $$6,000,000$ Gain on sale of equipment $240,000$ Other income $800,00050,00010,800,0006,290,000$ Depreciation expense $450,000180,000$ Other expenses $6,600,0004,300,000$ Income tax expense $1,220,000719,0008,270,0005,199,000$ Net income$$2,530,000$ $$1,091,000$ The following transactions occurred in January, Year $5,$ and are properly reflected in the income statements above:On January $1,$ Year $5,$ Jingya sold equipment to Goodkey for $$1,000,000$ and reported a gain of $$240,000.$ On this date, the equipment had a remaining useful life of four years.On January $31,$ Year $5,$ Jingya paid a dividend of $$600,000.$ Goodkey uses the cost method to account for its investment in Jingya. Both companies pay income tax at the rate of $40\%.$ Required:$($a$)$ Prepare a consolidated income statement for January, Year $5.($Input all values as positive numbers. Leave no cells blank $-$ be certain to enter $"0"$ wherever required. Omit $ sign in your response.$)$ Goodkey Co$.$Consolidated Income StatementsFor month ended January $31,$ Year $5$ Year $5$ Sales$ Gain on sale of equipment Other income Depreciation expense Other expenses Income tax expense Net income$ Attributable to: Shareholders of Parent$ Noncontrolling interest $($b$)$ Now assume that Goodkey uses the equity method to account for its investment in Jingya. What accounts would change on the three income statements $($Goodkey$,$ Jingya, and consolidated$)$ in January, Year $5,$ and what would be the account balances? $($If option "Everything would be the same" is selected, update the net income in the Account balance field. Omit $ sign in your response.$)$ AccountsIncome Statement ofBalance$/$Net IncomeGoodkey$ Jingya$ Consolidated$ $($c$)$ Now assume that Goodkey only owns $80\%$ of the common shares of Jingya and uses the cost method to account for its investment in Jingya. What accounts would change $($as compared to part $($a$))$ on the three income statements $($Goodkey$,$ Jingya, and consolidated$)$ in January, Year $5,$ and what would be the account balances? $($If option "Everything would be the same" is selected, update the net income in the Account balance field. Omit $ sign in your response.$)$ AccountsIncome Statement ofBalance$/$Net IncomeGoodkey$ Jingya$ Consolidated$