On January 1, Year 4, Goodkey Co. acquired all of the common shares of Jingya. The condensed income statements for the two companies for January, Year 5, were as follows:

	Goodkey		Jingya
Sales	$	10,500,000		$	6,050,000
Gain on sale of equipment					250,000
Other income		850,000			55,000
		11,350,000			6,355,000
Depreciation expense		500,000			185,000
Other expenses		6,650,000			4,350,000
Income tax expense		1,995,000			546,000
		9,145,000			5,081,000
Net income	$	2,205,000		$	1,274,000

The following transactions occurred in January, Year 5, and are properly reflected in the income statements above:

• On January 1, Year 5, Jingya sold equipment to Goodkey for $1,050,000 and reported a gain of $250,000. On this date, the equipment had a remaining useful life of four years.
• On January 31, Year 5, Jingya paid a dividend of $650,000.

Goodkey uses the cost method to account for its investment in Jingya. Both companies pay income tax at the rate of 40%.

Required:

(a) Prepare a consolidated income statement for January, Year 5. (Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required. Do not round your intermediate calculations. Round your final answer to nearest whole dollar. Omit $ sign in your response.)

Goodkey Co.
Consolidated Income Statements
For month ended January 31, Year 5
	Year 5
Sales	$
Gain on sale of equipment
Other income
Depreciation expense
Other expenses
Income tax expense
Net income	$
Attributable to:
Shareholders of Parent	$
Noncontrolling interest

(b) Now assume that Goodkey uses the equity method to account for its investment in Jingya. What accounts would change on the three income statements (Goodkey, Jingya, and consolidated) in January, Year 5, and what would be the account balances? (If option "Everything would be the same" is selected, update the net income in the Account balance field. Omit $ sign in your response.)

Accounts	Income Statement of	Balance/Net Income
(Click to select) Other income Depreciation expense Sales Net income Gain on sale of equipment Income tax expense Everything would be the same Other expenses	Goodkey	$
(Click to select) Depreciation expense Sales Income tax expense Net income Other income Other expenses Gain on sale of equipment Everything would be the same	Jingya	$
(Click to select) Depreciation expense Gain on sale of equipment Everything would be the same Other expenses Other income Income tax expense Sales Net income	Consolidated	$

(c) Now assume that Goodkey only owns 80% of the common shares of Jingya and uses the cost method to account for its investment in Jingya. What accounts would change (as compared to part (a)) on the three income statements (Goodkey, Jingya, and consolidated) in January, Year 5, and what would be the account balances? (If option "Everything would be the same" is selected, update the net income in the Account balance field. Do not round your intermediate calculations. Round your final answer to nearest whole dollar. Omit $ sign in your response.)

Accounts	Income Statement of	Balance/Net Income
(Click to select) Net income Other income Income tax expense Sales Everything would be the same Other expenses Gain on sale of equipment Depreciation expense	Goodkey	$
(Click to select) Everything would be the same Other income Depreciation expense Other expenses Sales Net income Gain on sale of equipment Income tax expense	Jingya	$
(Click to select) Depreciation expense Other income Other expenses Everything would be the same Sales Gain on sale of equipment Income tax expense Net income	Consolidated	$