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 $12,000. 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	$	750,000		$	825,000
Gain on sale of assets		8,000			42,000
Rental revenue		3,000			12,000
		761,000			879,000
Miscellaneous expenses		399,800			492,340
Rental expense		52,700			64,300
Depreciation expense		75,000			80,700
Income tax expense		81,000			94,500
Non-controlling interest		32,500			5,160
		641,000			737,000
Net income	$	120,000		$	142,000

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 5		Year 6
Miscellaneous revenues	$		$
Miscellaneous expense
Rent expense
Depreciation expense
Income tax expense
Consolidated net income	$		$
Attributable to:
Shareholders of Parent	$		$
NCI
	$		$