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 $26,400. 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 Miscellaneous revenues Gain on sale of assets Rental revenue Miscellaneous expenses Rental expense Depreciation expense Income tax expense Non-controlling interest Net income Year 5 $ 840,000 17,600 Year 6 $ 890,000 50,400 7,200 28,400 864,800 968,800 419,400 494,740 61,100 67,900 88,000 89,100 87,000 120,500 38,500 694,000 $ 170,800 6,600 778,840 $ 189,960 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 Income tax expense Consolidated net income Attributable to: Shareholders of Parent NCI Year 5 Year 6 $ 840,000 $ 890,000 419,400 494,740 54,500 87,120 80,312 $ 618,068 41,500 78,380 104,100 x $ 666,020 $ 582,208 $ 665,372 35,992 $ 618,200 648 $ 666,020