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: Sales Goodkey $11,900,000 Jingya $ 6,190,000 Gain on sale of equipment Other income 990,000 12,890,000 278,000 69,000 6,537,000 Depreciation expense Other expenses Income tax expense Net income 640,000 199,000 6,790,000 2,037,000 9,467,000 4,490,000 554,400 5,243,400 $ 3,423,000 $ 1,293,600 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 $1,190,000 and reported a gain of $278,000. On this date, the equipment had a remaining useful life of four years. On January 31, Year 5, Jingya paid a dividend of $790,000. 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 "O" 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 Sales Gain on sale of equipment Other income Depreciation expense Other expenses Income tax expense Net income Attributable to: Shareholders of Parent Noncontrolling interest Year 5 $ $ $ (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 (Click to select) (Click to select) (Click to select) Goodkey Jingya Consolidated Balance/Net Income $ $ $ (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 (Click to select) (Click to select) (Click to select) Income Statement of Goodkey Jingya Balance/Net Income $ $ Consolidated $