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 $34,800. 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 $ 845,000 Gain on sale of assets 23,200 Rental revenue 8,700 876,900 Miscellaneous expenses 415,000 Rental expense 66,000 Depreciation expense Income tax expense 90,500 Non-controlling interest 42,000 707,500 Net income $ 169,400 Year 6 $ 920,000 55,300 34,800 1,010, 100 496, 140 70,000 94,000 104,000 7,440 771,580 $ 238,520 94,000 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.) 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 Miscellaneous revenues $ 845000 Miscellaneous expense 415000 Rent expense 57300 Depreciation expense Income tax expense Consolidated net income $ Year 6 $ 920000 496140 35200 Attributable to: Shareholders of Parent $ $ NCI $ $