Angela Corporation $($a private company$)$ acquired all of the outstanding voting stock of Eddy Tech, Inc., on January $1,2021,$ in exchange for $$9,830,000$ in cash. At the acquisition date, Eddy Tech$$s stockholders$$ equity was $$7,280,000$ including retained earnings of $$3,320,000.$

At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary:

Consideration transferred $ $9,830,000$

Eddy$$s stockholder$$s equity $7,280,000$

Excess fair over book value $ $2,550,000$

to patented technology $(5-$year remaining life$)$ $ $180,500$

to trade names $($indefinite remaining life$)534,000$

to equipment $(8-$year remaining life$)94,000808,500$

Goodwill $ $1,741,500$

At the end of $2021,$ Angela and Eddy Tech report the following amounts from their individually maintained account balances, before consideration of their parent$$subsidiary relationship. Parentheses indicate a credit balance.

Angela Eddy Tech

Sales $ $(8,152,500)$ $ $(2,500,000)$

Cost of goods sold $4,103,2501,350,000$

Depreciation expense $530,00065,600$

Amortization expense $298,00023,800$

Other operating expenses $75,40071,700$

Net income $ $(3,145,850)$ $ $(988,900)$

Required:

Prepare a $2021$ consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company, elects to amortize goodwill over a $10-$year period.