The comparative consolidated Income statements of a parent and Its 75%-owned subsidlary were prepared Incorrectly as at December 31 and are shown In the table given below. The following Items were overlooked when the statements were prepared: - The Year 5 gain on sale of assets resulted from the subsidiary selling equipment to the parent on September 30 . The parent Immedately leased the equipment back to the subsidary at an annual rental of $15,600. This was the only Intercompany rent transaction that occurred each year. The equipment had a remaining life of five years on the date of the Intercompany sale. - The Year 6 gain on sale of assets resulted from the January 1 sale of a bullding, with a remaining life of seven years, by the subsidiary to the parent. - Both gains were taxed at a rate of 40%. Requlred: Prepare correct consolidated Income statements for Years 5 and 6 . (Input all values as positlve numbers. Leave no cells blank - be certaln to enter zero wherever requlred. Omlt $ sign In your response.) The comparative consolidated Income statements of a parent and Its 75%-owned subsidlary were prepared Incorrectly as at December 31 and are shown In the table given below. The following Items were overlooked when the statements were prepared: - The Year 5 gain on sale of assets resulted from the subsidiary selling equipment to the parent on September 30 . The parent Immedately leased the equipment back to the subsidary at an annual rental of $15,600. This was the only Intercompany rent transaction that occurred each year. The equipment had a remaining life of five years on the date of the Intercompany sale. - The Year 6 gain on sale of assets resulted from the January 1 sale of a bullding, with a remaining life of seven years, by the subsidiary to the parent. - Both gains were taxed at a rate of 40%. Requlred: Prepare correct consolidated Income statements for Years 5 and 6 . (Input all values as positlve numbers. Leave no cells blank - be certaln to enter zero wherever requlred. Omlt $ sign In your response.)