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 $30,000. 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	$	825,000		$	900,000
Gain on sale of assets		20,000			52,500
Rental revenue		7,500			30,000
		852,500			982,500
Miscellaneous expenses		411,800			495,340
Rental expense		63,200			68,800
Depreciation expense		90,000			91,200
Income tax expense		88,500			102,000
Non-controlling interest		40,000			6,960
		693,500			764,300
Net income	$	159,000		$	218,200

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
	$		$