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 $21,600. 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 Miscellaneous revenues Year 5 $ 790,000 Year 6 $ 865,800 Gain on sale of assets 14,488 47,600 Rental revenue 5,488 21,600 809,800 934,200 Miscellaneous expenses 406,200 403,940 Rental expense 58,388 66,700 Depreciation expense 83,000 86,380 Income tax expense 85,000 98,500 Non-controlling interest Net income 36,588 6,128 669,000 751,568 $ 140,800 $182,640 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