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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:

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$$Goodkey$$ Jingya$$

Sales $$10,000,000$ $$6,000,000$

Gain on sale of equipment$240,000$

$$Other income$800,00050,000$

$10,800,0006,290,000$

Depreciation expense$450,000180,000$

Other expenses$6,600,0004,300,000$

$$Income tax expense$1,220,000719,000$

$8,270,0005,199,000$

Net income$$2,530,000$ $$1,091,000$

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 $$1,000,000$and reported a gain of $$240,000.$On this date, the equipment had a remaining useful life of four years.

On January $31,$Year $5,$Jingya paid a dividend of $$600,000.$

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

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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. Omit $ sign in your response.$)$

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Goodkey Co

$.$Consolidated Income Statements

For month ended January $31,$Year $5$

$$Year $5$

$$Sales$ $1600000$

Gain on sale of equipment $0$

$$Other income$250000$

$$Depreciation expense $625000$

$$Other expenses$1090000$

Income tax expense $?$

$$Net income$ $?$

$$Attributable to:$$

$$Shareholders of Parent $?$

$$Noncontrolling interest$0$

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