Consolidated Statements Able and Baker companies had the following balance sheets at December 31, 20X8 ($ in thousands):

Able Baker Assets Cash Net plant $ 500 $100 1,700 400 Total assets $2,200 $500 Liabilities and stockholders' equity Accounts payable 175 $ 80 Long-term debt 425 220 Stockholders' equity 1,600 200 Total liabilities and stockholders' equity $2,200 $500 On January 1, 20X9, Able purchased 100% of the common stock of Baker for $200,000. 1. Prepare a balance sheet for Able Company immediately after its purchase of Baker Company. 2. Prepare a balance sheet for the consolidated entity immediately after the purchase of Baker Company. 3. Suppose Able Company had net income of $250,000 in 20X9 (before recognizing its share of Baker's income) and Baker Company had net income of $50,000 in 20X9. Neither company sold items to the other. What was the 20x9 consolidated net income?