The comparative consolidated income statements of a parent and its 75%-owned subsidiary 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 immediately leased the equipment back to the subsidiary at an annual rental of $33,600. 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 building, with a remaining life of seven years, by the subsidiary to the parent. Both gains were taxed at a rate of 40%. CONSOLIDATED INCOME STATEMENTS Year 5 Miscellaneous revenues. $840,000 Gain on sale of assets 22,400 Year 6 $ 915,000 54,600 Rental revenue 8,400 33,600 870,800 1,003,200 Miscellaneous expenses 414,200 495,940 Rental expense 65,300 69,700 Depreciation expense 93,000 93,300 Income tax expense 90,000 103,500 Non-controlling interest 41,500 704,000 Net income $ 166,800 7,320 769,760 $ 233,440 Required: Prepare correct consolidated income statements for Years 5 and 6. (Input all values as positive numbers. Leave no cells blank - be certain to enter zero wherever required. Omit $ sign in your response.) Parent Company Corrected Consolidated Income Statements Years 5 and 6 Miscellaneous revenues Miscellaneous expense Rent expense Depreciation expense Year 5 $ 840000 Year 6 $ 915000 414200 495940 Income tax expense Consolidated net income Attributable to: Shareholders of Parent NCI es $ es es es