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 $31,200. 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 Year 6 Miscellaneous revenues Gain on sale of assets. $830,000 20,800 $ 905,000 53,200 Rental revenue 7,800 31,200 858,600 989,400 Miscellaneous expenses 412,600 495,540 Rental expense 63,900 69,100 Depreciation expense 91,000 91,900 Income tax expense Non-controlling interest Net income $ 161,600 7,080 766,120 $ 223,280 89,000 102,500 40,500 697,000 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 Year 6 $ Miscellaneous revenues Year 5 $ Miscellaneous expense Rent expense Depreciation expense Income tax expense Consolidated net income $ Attributable to: Shareholders of Parent $ $ NCI