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: Sales Gain on sale of equipment Other income Depreciation expense Other expenses Income tax expense Net income GoodRey $18,700,000 870,000 11,578,800 520,000 6,670,000 2,801,208 9,191,000 $2,379,000 Jingya $6,070,000 254,000 57,000 6,381,000 187,080 4,370,000 547,280 5,104,200 $1,276,880 The following transactions occurred in January, Year 5, and are properly reflected in the income statements above: On January 1, Year 5, Jingys sold equipment to Goodkey for $1,070,000 and reported a gain of $254,000. On this date, the equipment had a remaining useful life of four years. On January 31, Year 5, Jingya paid a dividend of $670,000. Goodkey uses the cost method to account for its investment in Jingys. 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. Do not round your Intermediate calculations. Round your final answer to nearest whole dollar. Omit $ sign in your response.) Goodkey Co. Consolidated Income Statements For month ended January 31, Year 5 Sales Gain on sale of equipment Other income Year 5 $ 16770000 257880 17827080 Depreciation expense 781788 Other expenses 11848000 2448716.67 Income tax expense Net incoro 14198425 $ 2836574.997 Attributable to: $ 2836574.997 Shareholders of Parent Noncontrolling interest (b) Now assume that Goodkey uses the equity method to account for its investment in Jingys. What accounts would change on the three income statements (Goodkey, Jingys, 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.) Accounts Other income Everything would be the same Everything would be the same Income Statement of Goodkey Jingya Consolidated Balance/Net Income $ $ 1276880 $2836575 (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 Jingye. What accounts would change (as compared to part (a)) on the three income statements (Goodkey, Jingys, 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. Do not round your Intermediate calculations. Round your final answer to nearest whole dollar. Omit S sign in your response.) Accounts Other income Everything would be the sane Everything would be the same Income Statement of Goodiey Jingya Consolidated Balance/Net Income $ 1276808 $ 2836575