I thought the joke was that she was explaining which kanji her name was made out of, only being totally useless about it because the words and names she referenced don't use kanji at all.
Actually, another way to translate panel 3 is "Tokiko's [kid] is Kourin's [kid]." Therefore the 4th panel.
The 'Ko' in Tokiko is the 'Ko' in Kourin.
Another way to translate this in a different context is "Tokiko's [kid] is Kourin's [kid]."Sorry if I've made things awkward.NekogurumaWhee~The 'To' in Tokiko is the 'To' in Tokio.The 'Ki' in Tokiko is the 'Ki' in Kinky Kids.